What the Financial Services Industry Puts Together Let No Person Put Asunder: How the Gramm-Leach-Bliley Act Contributed To
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1996 Republican Party Primary Election March 12, 1996
Texas Secretary of State Antonio O. Garza, Jr. Race Summary Report Unofficial Election Tabulation 1996 Republican Party Primary Election March 12, 1996 President/Vice President Precincts Reporting 8,179 Total Precincts 8,179 Percent Reporting100.0% Vote Total % of Vote Early Voting % of Early Vote Delegates Lamar Alexander 18,615 1.8% 11,432 5.0% Patrick J. 'Pat' Buchanan 217,778 21.4% 45,954 20.2% Charles E. Collins 628 0.1% 153 0.1% Bob Dole 566,658 55.6% 126,645 55.8% Susan Ducey 1,123 0.1% 295 0.1% Steve Forbes 130,787 12.8% 27,206 12.0% Phil Gramm 19,176 1.9% 4,094 1.8% Alan L. Keyes 41,697 4.1% 5,192 2.3% Mary 'France' LeTulle 651 0.1% 196 0.1% Richard G. Lugar 2,219 0.2% 866 0.4% Morry Taylor 454 0.0% 124 0.1% Uncommitted 18,903 1.9% 4,963 2.2% Vote Total 1,018,689 227,120 Voter Registration 9,698,506 % VR Voting 10.5 % % Voting Early 2.3 % U. S. Senator Precincts Reporting 8,179 Total Precincts 8,179 Percent Reporting100.0% Vote Total % of Vote Early Voting % of Early Vote Phil Gramm - Incumbent 837,417 85.0% 185,875 83.9% Henry C. (Hank) Grover 71,780 7.3% 17,312 7.8% David Young 75,976 7.7% 18,392 8.3% Vote Total 985,173 221,579 Voter Registration 9,698,506 % VR Voting 10.2 % % Voting Early 2.3 % 02/03/1998 04:16 pm Page 1 of 45 Texas Secretary of State Antonio O. -
Congressional Directory TEXAS
252 Congressional Directory TEXAS TEXAS (Population 2000, 20,851,820) SENATORS PHIL GRAMM, Republican, of College Station, TX; born in Fort Benning, GA, July 8, 1942, son of Sergeant and Mrs. Kenneth M. Gramm; education: B.B.A. and Ph.D., economics, Univer- sity of Georgia, Athens, 1961–67; professor of economics, Texas A&M University, College Sta- tion, 1967–78; author of several books including: ‘‘The Evolution of Modern Demand Theory’’ and ‘‘The Economics of Mineral Extraction’’; Episcopalian; married Dr. Wendy Lee Gramm, of Waialua, HI, 1970; two sons: Marshall and Jeff; coauthor of the Gramm-Latta I Budget, the Gramm-Latta II Omnibus Reconciliation Act, the Gramm-Rudman-Hollings balanced budget bill and the Gramm-Leach-Bliley Financial Services Act; committees: ranking member, Banking, Housing and Urban Affairs; Budget; Finance; elected to the U.S. House of Representatives as a Democrat in 1978, 1980 and 1982; resigned from the House on January 5, 1983, upon being denied a seat on the House Budget Committee; reelected as a Republican in a special election on February 12, 1983; chairman, Republican Senate Steering Committee, 1997–2001; elected chairman, National Republican Senatorial Committee for the 1991–92 term, and reelected for the 1993–94 term; elected to the U.S. Senate on November 6, 1984; reelected to each suc- ceeding Senate term. Office Listings http://www.senate.gov/senator/gramm.html 370 Russell Senate Office Building, Washington, DC 20510–4302 .......................... (202) 224–2934 Chief of Staff.—Ruth Cymber. Legislative Director.—Steve McMillin. Press Secretary.—Lawrence A. Neal. State Director.—Phil Wilson. Suite 1500, 2323 Bryan, Dallas, TX 75201 ................................................................ -
A Conduct-Oriented Approach to the Glass-Steagall Act
Notes A Conduct-Oriented Approach to the Glass-Steagall Act The Glass-Steagall Act' requires that commercial banking be separated from investment banking.2 Courts and regulatory agencies interpreting the prescribed separation often rely on technical and semantic considerations in deciding whether an investment constitutes a "security" for the pur- poses of the Act.' This Note argues that such a "definitional" approach obscures the Act's purposes.4 The Note maintains that the applicable pro- visions of the Act are intended to bar commercial banks from engaging in a particular, identifiable pattern of conduct and that adoption of a "con- duct" test for enforcement of the separation provision would serve the Act's legislative objectives better than the current approach. The Note concludes by applying these alternative approaches to a current Glass- Steagall controversy-the legality of commercial banks' underwriting of commercial paper.' 1. The Glass-Steagall Act is the popular name for the Banking Act of 1933, ch. 89, 48 Stat. 162 (codified in scattered sections of 12 U.S.C.). For a general discussion of the Act, see Perkins, The Divorce of Commercial and Investment Banking. A History, 88 BANKING L.J. 483 (1971). 2. See Banking Act of 1933, §§ 16, 21, 12 U.S.C. §§ 24, 378 (1976). The Banking Act of 1933 contained many provisions of great importance to the banking system, such as those creating the Federal Deposit Insurance Corporation. The term "Glass-Steagall Act," however, has generally come to refer exclusively to the sections of the Banking Act that pertain to commercial banks' securities activities. -
Lawyers, Bureaucratic Autonomy, and Securities Regulation During the New Deal Daniel R
Georgetown University Law Center Scholarship @ GEORGETOWN LAW 2009 Lawyers, Bureaucratic Autonomy, and Securities Regulation During the New Deal Daniel R. Ernst Georgetown University Law Center, [email protected] This paper can be downloaded free of charge from: http://scholarship.law.georgetown.edu/fwps_papers/115 This open-access article is brought to you by the Georgetown Law Library. Posted with permission of the author. Follow this and additional works at: http://scholarship.law.georgetown.edu/fwps_papers Part of the Administrative Law Commons, Banking and Finance Commons, Corporation and Enterprise Law Commons, Ethics and Professional Responsibility Commons, Legal History, Theory and Process Commons, and the Securities Law Commons GEORGETOWN LAW Faculty Working Papers September 2009 Lawyers, Bureaucratic Autonomy, and Securities Regulation During the New Deal Daniel R. Ernst Professor of Law Georgetown University Law Center [email protected] This paper can be downloaded without charge from: Scholarly Commons: http://scholarship.law.georgetown.edu/fwps_papers/115/ SSRN: http://ssrn.com/abstract=1470934 Posted with permission of the author “I believe in the stock exchanges,” declared the New Deal lawyer Thomas G. Corcoran during a congressional hearing on the Securities Exchange Act of 1934. “I do not believe you should kill them. I do believe you should regulate them–not because I have any social philosophy in regard to the subject–but because as a sheer matter of economic wisdom they should be regulated.” Speaking not long after the Dow Jones Industrial Average had fallen 89 percent and joblessness reached 25 percent, Corcoran charged that unregulated financial markets “have cost many millions of dollars; they have cost 12,000,000 men their jobs.” With the lawyer for the New York Stock Exchange glowering nearby, he defended the bill’s grant of sweeping power to federal administrators. -
("DSCC") Files This Complaint Seeking an Immediate Investigation by the 7
COMPLAINT BEFORE THE FEDERAL ELECTION CBHMISSIOAl INTRODUCTXON - 1 The Democratic Senatorial Campaign Committee ("DSCC") 7-_. J _j. c files this complaint seeking an immediate investigation by the 7 c; a > Federal Election Commission into the illegal spending A* practices of the National Republican Senatorial Campaign Committee (WRSCIt). As the public record shows, and an investigation will confirm, the NRSC and a series of ostensibly nonprofit, nonpartisan groups have undertaken a significant and sustained effort to funnel "soft money101 into federal elections in violation of the Federal Election Campaign Act of 1971, as amended or "the Act"), 2 U.S.C. 5s 431 et seq., and the Federal Election Commission (peFECt)Regulations, 11 C.F.R. 85 100.1 & sea. 'The term "aoft money" as ueed in this Complaint means funds,that would not be lawful for use in connection with any federal election (e.g., corporate or labor organization treasury funds, contributions in excess of the relevant contribution limit for federal elections). THE FACTS IN TBIS CABE On November 24, 1992, the state of Georgia held a unique runoff election for the office of United States Senator. Georgia law provided for a runoff if no candidate in the regularly scheduled November 3 general election received in excess of 50 percent of the vote. The 1992 runoff in Georg a was a hotly contested race between the Democratic incumbent Wyche Fowler, and his Republican opponent, Paul Coverdell. The Republicans presented this election as a %ust-win81 election. Exhibit 1. The Republicans were so intent on victory that Senator Dole announced he was willing to give up his seat on the Senate Agriculture Committee for Coverdell, if necessary. -
Chapter 18: Roosevelt and the New Deal, 1933-1939
Roosevelt and the New Deal 1933–1939 Why It Matters Unlike Herbert Hoover, Franklin Delano Roosevelt was willing to employ deficit spending and greater federal regulation to revive the depressed economy. In response to his requests, Congress passed a host of new programs. Millions of people received relief to alleviate their suffering, but the New Deal did not really end the Depression. It did, however, permanently expand the federal government’s role in providing basic security for citizens. The Impact Today Certain New Deal legislation still carries great importance in American social policy. • The Social Security Act still provides retirement benefits, aid to needy groups, and unemployment and disability insurance. • The National Labor Relations Act still protects the right of workers to unionize. • Safeguards were instituted to help prevent another devastating stock market crash. • The Federal Deposit Insurance Corporation still protects bank deposits. The American Republic Since 1877 Video The Chapter 18 video, “Franklin Roosevelt and the New Deal,” describes the personal and political challenges Franklin Roosevelt faced as president. 1928 1931 • Franklin Delano • The Empire State Building 1933 Roosevelt elected opens for business • Gold standard abandoned governor of New York • Federal Emergency Relief 1929 Act and Agricultural • Great Depression begins Adjustment Act passed ▲ ▲ Hoover F. Roosevelt ▲ 1929–1933 ▲ 1933–1945 1928 1931 1934 ▼ ▼ ▼ ▼ 1930 1931 • Germany’s Nazi Party wins • German unemployment 1933 1928 107 seats in Reichstag reaches 5.6 million • Adolf Hitler appointed • Alexander Fleming German chancellor • Surrealist artist Salvador discovers penicillin Dali paints Persistence • Japan withdraws from of Memory League of Nations 550 In this Ben Shahn mural detail, New Deal planners (at right) design the town of Jersey Homesteads as a home for impoverished immigrants. -
Congressional Record United States Th of America PROCEEDINGS and DEBATES of the 104 CONGRESS, FIRST SESSION
E PL UR UM IB N U U S Congressional Record United States th of America PROCEEDINGS AND DEBATES OF THE 104 CONGRESS, FIRST SESSION Vol. 141 WASHINGTON, FRIDAY, SEPTEMBER 29, 1995 No. 154 Senate (Legislative day of Monday, September 25, 1995) The Senate met at 9 a.m., on the ex- DEPARTMENT OF COMMERCE, JUS- Mr. President, I intend to be brief, piration of the recess, and was called to TICE, AND STATE, THE JUDICI- and I note the presence of the Senator order by the President pro tempore ARY, AND RELATED AGENCIES from North Dakota here on the floor. I [Mr. THURMOND]. APPROPRIATIONS ACT, 1996 know that he needs at least 10 minutes The PRESIDENT pro tempore. The of the 30 minutes for this side. I just want to recap the situation as PRAYER clerk will report the pending bill. The assistant legislative clerk read I see this amendment. First of all, Mr. The Chaplain, Dr. Lloyd John as follows: President, the choice is clear here what Ogilvie, offered the following prayer: A bill (H.R. 2076) making appropriations we are talking about. The question is Let us pray: for the Department of Commerce, Justice, whether we will auction this spectrum off, which, according to experts, the Lord of history, God of Abraham and and State, the Judiciary and related agen- value is between $300 and $700 million, Israel, we praise You for answered cies for the fiscal year ending September 30, 1996, and for other purposes. or it will be granted to a very large and prayer for peace in the Middle East very powerful corporation in America manifested in the historic peace treaty The Senate resumed consideration of for considerably less money. -
Principles of Finance © Wikibooks
Principles of Finance © Wikibooks This work is licensed under a Creative Commons-ShareAlike 4.0 International License Original source: Principles of Finance, Wikibooks http://en.wikibooks.org/wiki/Principles_of_Finance Contents Chapter 1 Introduction ..................................................................................................1 1.1 What is Finance? ................................................................................................................1 1.2 History .................................................................................................................................1 1.2.1 Introduction to Finance ..........................................................................................1 1.2.1.1 Return on Investments ...............................................................................2 1.2.1.2 Debt Finance and Equity Finance - The Two Pillars of Modern Finance ....................................................................................................................................3 1.2.1.2.1 Debt Financing .................................................................................3 1.2.1.2.2 Equity Financing ...............................................................................3 1.2.1.3 Ratio Analysis ...............................................................................................4 1.2.1.3.1 Liquidity Ratios .................................................................................4 Chapter 2 The Basics ......................................................................................................6 -
Securities Exchange Act - Cooperative
Duquesne Law Review Volume 29 Number 4 Article 11 1991 Securities Regulation - Securities Exchange Act - Cooperative Christine Ita McGonigle Follow this and additional works at: https://dsc.duq.edu/dlr Part of the Law Commons Recommended Citation Christine I. McGonigle, Securities Regulation - Securities Exchange Act - Cooperative, 29 Duq. L. Rev. 853 (1991). Available at: https://dsc.duq.edu/dlr/vol29/iss4/11 This Recent Decision is brought to you for free and open access by Duquesne Scholarship Collection. It has been accepted for inclusion in Duquesne Law Review by an authorized editor of Duquesne Scholarship Collection. SECURITIES REGULATION-SECURITIES EXCHANGE ACT-COOPERATIvE-Uncollateralized, unsecured demand notes sold as an investment vehicle fall within both the "note" and "se- curity" categories of section 3(a)(10)of the Securities Exchange Act. Reves v Ernst & Young,-US-, 110 S Ct 945, 948 (1990). The Farmers Cooperative of Arkansas and Oklahoma, Inc. (here- inafter, "Co-op") obtained a portion of its general business operat- ing funds from the sale of uncollateralized, uninsured demand promissory notes.' The notes were sold on an ongoing basis to both Co-op members and nonmembers.2 Marketed as an investment de- vice, the notes paid a variable rate of interest higher than that which was paid by local financial institutions.3 No financial infor- mation regarding the Co-op was released to the purchasers except a statement of the Co-op's total assets, which was released periodically.4 Arthur Young5 was engaged by the Co-op to audit and report on the Co-op's 1981 and 1982 financial statements.6 The audited fi- nancial statements were not publicly released. -
The Origins of the Securities Laws
INSTITUTIONAL INVESTOR Bernstein Litowitz Berger & Grossmann LLP AdvocateECURITIES RAUD AND ORPORATE A S F C G OVERNANCE Q UARTERLY Fourth Quarter 2004 THE ORIGINS OF THE SECURITIES LAWS The Origins of the By Norman S. Poser Securities Laws The corporate abuses that have come to light during the past few years are not unprecedented. 1 Similar events led to the enactment of the federal securities laws seventy years ago. I have been Inside Look asked to tell you something about the human side of these laws: the remarkable people who were present at their birth and who nursed 2 them during their early days. When Franklin D. Roosevelt took office on Eye On The Issues March 4, 1933, the country was in the depth of the worst Depression in its history. Thirteen million 6 people, representing 25 percent of the work force, were unemployed — 800,000 in New York alone. Foreclosures of farms throughout the Quarterly Quote country, long lines at soup kitchens in the cities and towns, business and bank failures were signs as well as causes of the general despair.1 Norman S. Poser, Professor of Law, 10 Brooklyn Law School. Professor Poser The Great Crash of 1929 and its aftermath, was a featured speaker at BLB&G’s which had wiped out 83 percent of the value of 10th Institutional Investor Forum. the stocks listed on the New York Stock Save the Date! Exchange, was still fresh in people’s minds. scandals that led to the Sarbanes-Oxley Act. The next BLB&G Many believed that corporate and stock market Institutional Investor Securities reform was high on the list of abuses had caused the Crash and that the Crash Forum will be in NYC measures contained in Roosevelt’s New Deal on Oct. -
The Invisible Primary and the 1996 Presidential Nomination
The Invisible Primary and the 1996 Presidential Nomination Thomas R. Marshall, University of Texas at Arlington The 1996 presidential nominations process will not begin with the first state primaries and caucuses. By January 1996 the candidates had already spent millions of dollars and thousands of days campaigning during the "in visible primary." The 1996 nominations race features several new prac tices—such as the front-loading of delegate-selection events, and the re- emergence of Washington insiders as the early GOP leaders. For the first time since 1964 the Democrat Party did not face a spirited nominations race. This article reviews the prenomination season for the 1996 presidential race with evidence available by early January 1996. Public Opinion Public opinion remained relatively stable during the 1995 "invisible primary," just as it typically has in recent presidential contests.1 Heavy spending in key primary and caucus states, debates among the candidates, and the entry and exit of candidates all failed to move public opinion polls during 1995. In the absence of saturation media coverage and media labeling of "winners" and "losers" in the early caucuses and primaries, few dramatic poll shifts appeared. The Republicans Throughout 1995, the Gallup Poll reported only slight changes in the first-choice preferences of self-identified Republicans and independents leaning Republicans. Between April 1995 and January 1996, front-runner Bob Dole’s support varied only from a low of 45 percent to a high of 51 percent. Support for Senator Phil Gramm varied only from a low of seven percent to a high of 13 percent. -
Glass–Steagall Act
Glass–Steagall Act The Glass–Steagall Act is a term often applied to the entire Banking Act of 1933, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama.[1] The term Glass–Steagall Act, however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms.[2] This article deals with that limited meaning of the Glass–Steagall Act. A separate article describes the entire Banking Act of 1933. Starting in the early 1960s federal banking regulators interpreted provisions of the Glass– Steagall Act to permit commercial banks and especially commercial bank affiliates to engage in an expanding list and volume of securities activities.[3] By the time the affiliation restrictions in the Glass–Steagall Act were repealed through the Gramm–Leach–Bliley Act of 1999 (GLBA), many commentators argued Glass–Steagall was already “dead.”[4] Most notably, Citibank’s 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board’s then existing interpretation of the Glass–Steagall Act.[5] President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate."[6] Many commentators have stated that the GLBA’s repeal of the affiliation restrictions of the Glass–Steagall Act was an important cause of the late-2000s financial crisis.[7][8][9] Some critics of that repeal argue it permitted