2 12 Uscs § 9 Chapter 2. National Banks
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The Federal Reserve Act of 1913
THE FEDERAL RESERVE ACT OF 1913 HISTORY AND DIGEST by V. GILMORE IDEN PUBLISHED BY THE NATIONAL BANK NEWS PHILADELPHIA Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Copyright, 1914 by Ccrtttiois Bator Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act History N MONDAY, October 21, 1907, the Na O tional Bank of Commerce of New York City announced its refusal to clear for the Knickerbocker Trust Company of the same city. The trust company had deposits amounting to $62,000,000. The next day, following a run of three hours, the Knickerbocker Trust Company paid out $8,000,000 and then suspended. One immediate result was that banks, acting independently, held on tight to the cash they had in their vaults, and money went to a premium. Ac cording to the experts who investigated the situation, this panic was purely a bankers’ panic and due entirely to our system of banking, which bases the protection of the financial solidity of the country upon the individual reserves of banks. In the case of a stress, such as in 1907, the banks fail to act as a whole, their first consideration being the protec tion of their own reserves. PAGE 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis History of Federal Reserve Act The conditions surrounding previous panics were entirely different. -
Observations on Regulation D and the Use of Reserve Requirements
United States Government Accountability Office Report to Congressional Requesters October 2016 FEDERAL RESERVE Observations on Regulation D and the Use of Reserve Requirements GAO-17-117 October 2016 FEDERAL RESERVE Observations on Regulation D and the Use of Reserve Requirements Highlights of GAO-17-117, a report to congressional requesters Why GAO Did This Study What GAO Found Section 19 of the Federal Reserve Act The methods by which depository institutions can implement Regulation D requires depository institutions to (Reserve Requirements of Depository Institutions) include maintaining reserves maintain reserves against a portion of against transaction accounts and enforcing a numeric transfer and withdrawal their transaction accounts solely for the (transaction) limit for savings deposits if they wish to avoid classifying those implementation of monetary policy. accounts as reservable transaction accounts. GAO estimates that 70–78 percent Regulation D implements section 19, of depository institutions limit savings deposit transactions. Other methods and it also requires institutions to limit include automatically transferring balances from transaction (e.g., checking) certain kinds of transfers and accounts to savings deposits in order to reduce reserve requirements. Institutions withdrawals from savings deposits to may choose to maintain transaction account reserves against savings deposits to not more than six per month or eliminate the need to enforce the transaction limit. But some institutions GAO statement cycle if they wish to avoid having to maintain reserves against surveyed indicated that they had operational burdens associated with monitoring these accounts. The transaction limit and enforcing the transaction limit (for example, 63–73 percent cited challenges, allows the Federal Reserve to such as creating forms and converting and closing accounts). -
Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775
NBER WORKING PAPER SERIES IS PAPER MONEY JUST PAPER MONEY? EXPERIMENTATION AND VARIATION IN THE PAPER MONIES ISSUED BY THE AMERICAN COLONIES FROM 1690 TO 1775 Farley Grubb Working Paper 17997 http://www.nber.org/papers/w17997 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 April 2012 Previously circulated as 'Is Paper Money Just Paper Money? Experimentation and Local Variation in the Fiat Paper Monies Issued by the Colonial Governments of British North America, 1690-1775: Part I." A preliminary version of this paper was presented at the Conference on "De-Teleologising History of Money and Its Theory," Japan Society for the Promotion of Science Research–Project 22330102, University of Tokyo, 14-16 February 2012. The author thanks the participants of this conference and Akinobu Kuroda for helpful comments. Tracy McQueen provided editorial assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2012 by Farley Grubb. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775 Farley Grubb NBER Working Paper No. 17997 April 2012, Revised April 2015 JEL No. -
Report on the Legal Protection of Banknotes in the European Union Member States
ECB EZB EKT BCE EKP REPORT ON THE LEGAL PROTECTION OF BANKNOTES IN THE EUROPEAN UNION MEMBER STATES November 1999 REPORT ON THE LEGAL PROTECTION OF BANKNOTES IN THE EUROPEAN UNION MEMBER STATES November 1999 © European Central Bank, 1999 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax +49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. The views expressed in this paper are those of the author and do not necessarily reflect those of the European Central Bank. ISBN 92-9181-051-7 2 ECB Report on the legal protection of banknotes • November 1999 Contents EXECUTIVE SUMMARY 5 I. LEGAL PROTECTION OF EURO BANKNOTES 7 A. THE CRIMINAL APPROACH: COUNTERFEITING 7 1. The legal situation in the Member States 7 2. The desired legal situation 9 3. The risk of increased counterfeit activity 11 4. The possibilities of prevention – co-operation and co-ordination 12 5. The harmonisation of sanctions 18 6. The detention of counterfeit banknotes 18 B. THE CIVIL APPROACH: COPYRIGHT PROTECTION (COMPLEMENTARY TOOLS AND SETTING CRITERIA FOR LEGAL REPRODUCTIONS) 20 1. Copyright protection for euro banknotes 20 2. The use of the © sign on euro banknotes 22 3. The enforcement of copyright 23 4. The reproduction of euro banknotes 24 C. THE MATERIAL APPROACH: ANTI-COPYING DEVICES FOR REPRODUCTION EQUIPMENT 26 II. LEGAL ASPECTS OF FIDUCIARY CIRCULATION 28 A. -
OIG-10-024 Audit of the Office of Comptroller of The
Audit Report OIG-10-024 Audit of the Office of the Comptroller of the Currency’s Fiscal Years 2009 and 2008 Financial Statements December 22, 2009 Office of Inspector General Department of the Treasury DEPARTMENT OF THE TREASURY WASHINGTON, D.C. 20220 OFFICE OF INSPECTOR GENERAL December 22, 2009 MEMORANDUM FOR JOHN C. DUGAN COMPTROLLER OF THE CURRENCY FROM: Michael Fitzgerald Director, Financial Audits SUBJECT: Audit of the Office of the Comptroller of the Currency’s Fiscal Years 2009 and 2008 Financial Statements I am pleased to transmit the attached audited Office of the Comptroller of the Currency (OCC) financial statements for fiscal years 2009 and 2008. Under a contract monitored by the Office of Inspector General, GKA, P.C. (GKA), an independent certified public accounting firm, performed an audit of the financial statements of OCC as of September 30, 2009 and 2008 and for the years then ended. The contract required that the audit be performed in accordance with generally accepted government auditing standards; applicable provisions of Office of Management and Budget Bulletin No. 07-04, Audit Requirements for Federal Financial Statements, as amended; and the GAO/PCIE Financial Audit Manual. The following reports, prepared by GKA, are incorporated in the attachment: • Independent Auditor’s Report on Financial Statements; • Independent Auditor’s Report on Internal Control over Financial Reporting; and • Independent Auditor’s Report on Compliance with Laws and Regulations In its audit of OCC’s financial statements, GKA found: • that the financial statements were fairly presented, in all material respects, in conformity with accounting principles generally accepted in the United States of America, • no matters involving internal control and its operations that are considered material weaknesses, and • no instances of reportable noncompliance with laws and regulations tested. -
Commercial Bank Examination Manual, Section
8000—STATUTES ADMINISTERED BY THE FEDERAL RESERVE The 8000 series provides a table of statutes and United States Code where the statute can be regulations that apply to the Federal Reserve found. The table includes a summary of the System and to banking institutions that the particular section of the statute as well as the Federal Reserve Board supervises and regulates. implementing regulation from the Code of The table provides the name of the law, as Federal Regulations (CFR). enacted by Congress, and the section of the Commercial Bank Examination Manual May 2021 Page 1 Statutes and Regulations Administered by the Federal Reserve Effective date May 2000 Section 8000.1 Following is a table of statutes and regulations Description. A summary of the particular that apply to the Federal Reserve System and to section of the statute. banking institutions that the Federal Reserve Board supervises and regulates. The table con- FRB regulation. The implementing regula- sists of five columns: tion, usually the Federal Reserve regulation, and the appropriate citation from the Code of Fed- Statute. The name of the law as enacted by eral Regulations (CFR). Congress and the section. FRRS locator number. The location of the U.S. Code citation. The section of the United statute, regulation, or other reference in the States Code where the statute can be found. Federal Reserve Regulatory Service (FRRS). U.S. FRRS Code FRB Locator Statute Citation Description Regulation Number Federal Election 2 USC Limits political contributions by Campaign Act 441b member banks. Foreign Gifts 5 USC Restricts Board members’ and Rules Regarding 8-610 and Decorations 7342 employees’ acceptance of foreign Foreign Gifts et seq. -
U.S. Policy in the Bretton Woods Era I
54 I Allan H. Meltzer Allan H. Meltzer is a professor of political economy and public policy at Carnegie Mellon University and is a visiting scholar at the American Enterprise Institute. This paper; the fifth annual Homer Jones Memorial Lecture, was delivered at Washington University in St. Louis on April 8, 1991. Jeffrey Liang provided assistance in preparing this paper The views expressed in this paper are those of Mr Meltzer and do not necessarily reflect official positions of the Federal Reserve System or the Federal Reserve Bank of St. Louis. U.S. Policy in the Bretton Woods Era I T IS A SPECIAL PLEASURE for me to give world now rely on when they want to know the Homer Jones lecture before this distinguish- what has happened to monetary growth and ed audience, many of them Homer’s friends. the growth of other non-monetary aggregates. 1 am persuaded that the publication and wide I I first met Homer in 1964 when he invited me dissemination of these facts in the 1960s and to give a seminar at the Bank. At the time, I was 1970s did much more to get the monetarist case a visiting professor at the University of Chicago, accepted than we usually recognize. 1 don’t think I on leave from Carnegie-Mellon. Karl Brunner Homer was surprised at that outcome. He be- and I had just completed a study of the Federal lieved in the power of ideas, but he believed Reserve’s monetary policy operations for Con- that ideas were made powerful by their cor- gressman Patman’s House Banking Committee. -
Regulation D: Reserve Requirements of Depository Institutions
FEDERAL RESERVE SYSTEM 12 CFR Part 204 Docket No. R-1737; RIN 7100-AG07 Regulation D: Reserve Requirements of Depository Institutions AGENCY: Board of Governors of the Federal Reserve System. ACTION: Notice of proposed rulemaking, request for public comment. SUMMARY: The Board of Governors of the Federal Reserve System (“Board”) proposes to amend its Regulation D (Reserve Requirements of Depository Institutions, 12 CFR Part 204) to eliminate references to an “interest on required reserves” rate and to an “interest on excess reserves” rate and replace them with a reference to a single “interest on reserve balances” rate. The Board also proposes to simplify the formula used to calculate the amount of interest paid on balances maintained by or on behalf of eligible institutions in master accounts at Federal Reserve Banks, and to make other conforming changes. DATES: Comments must be received on or before [INSERT DATE 60 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER]. ADDRESSES: You may submit comments, identified by Docket Number R-1737; RIN 7100-AG07, by any of the following methods: • Agency Web site: http://www.federalreserve.gov. Follow the instructions for submitting comments at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm. 1 • E-mail: [email protected]. Include the docket number and RIN in the subject line of the message. • Fax: (202) 452-3819 or (202) 452-3102. • Mail: Ann E. Misback, Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue, NW, Washington, DC 20551. All public comments are available from the Board’s website at http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm as submitted, unless modified for technical reasons or to remove personally identifiable information at the commenter’s request. -
The Evolution of Fed Independence
FEDERALRESERVE The Evolution of Fed Independence BY STEPHEN SLIVINSKI oday there is a consensus Wars, Depression, and How monetary policy that a central bank can best Dependence T contribute to good economic When the United States entered and central bank performance by pursuing price stabil- World War I in April 1917, the Federal ity — and that it should remain inde- Reserve almost instantly became the autonomy came pendent from political forces. In the primary vehicle for financing the war case of price stability, this understand- effort. The main function of the Fed of age ing evolved over decades of experi- during those war years was to lend ence. The notion of independence of money to banks to purchase “Liberty the central bank was more difficult to Loans” bonds from the U.S. Treasury. fulfill. They loaned the money at a discount- The original conception of the ed rate — not coincidentally lower Federal Reserve System when it was than the interest rate on the war bonds created in 1913 was meant to continue — to entice bond purchasers. After the spirit of the “independent treasury the war, the Federal Reserve Bank of system” that existed in the pre-Fed New York remained the official era. That system assumed that the U.S. fiscal agent of the U.S. Treasury Treasury would store its gold and Department. assets in its own vaults lest it unduly In the post-war years, the Fed influence the markets for credit and busied itself with maintaining the money. Ideally, Treasury meddling in newly reconstructed gold standard. what passed for monetary policy at the Its missteps in the wake of the stock time was to be avoided. -
NCLC, NCRC, and CRL Comments to the OCC Opposing Application Of
December 7th, 2020 Mr. Louis Gittleman Director for District Licensing Western District Office 1225 17th Street, Suite 300 Denver, CO 80202 RE: Figure Bank, National Association: Charter application Dear Director Gittleman: Please accept this comment from the National Community Reinvestment Coalition, the National Consumer Law Center® and the Center for Responsible Lending opposing the application from Figure Technologies for a national bank charter and to establish Figure Bank. The National Community Reinvestment Coalition (NCRC) consists of more than 600 community- based organizations, fighting for economic justice for almost 30 years. Our mission is to create opportunities for people and communities to build and maintain wealth. NCRC members include community reinvestment organizations, community development corporations, local and state government agencies, faith-based institutions, fair housing and civil rights groups, minority and women- owned business associations, and housing counselors from across the nation. NCRC and its members work to create wealth opportunities by eliminating discriminatory lending practices, which have historically contributed to economic inequality. Since 1969, the nonprofit National Consumer Law Center® (NCLC®) has used its expertise in consumer law and energy policy to work for consumer justice and economic security for low-income and other disadvantaged people, including older adults, in the United States. NCLC’s expertise includes policy analysis and advocacy; consumer law and energy publications; litigation; expert witness services, and training and advice for advocates. NCLC works with nonprofit and legal services organizations, private attorneys, policymakers, and federal and state government and courts across the nation to stop exploitive practices, help financially stressed families build and retain wealth, and advance economic fairness. -
Paper Money and Inflation in Colonial America
Number 2015-06 ECONOMIC COMMENTARY May 13, 2015 Paper Money and Infl ation in Colonial America Owen F. Humpage Infl ation is often thought to be the result of excessive money creation—too many dollars chasing too few goods. While in principle this is true, in practice there can be a lot of leeway, so long as trust in the monetary authority’s ability to keep things under control remains high. The American colonists’ experience with paper money illustrates how and why this is so and offers lessons for the modern day. Money is a societal invention that reduces the costs of The Usefulness of Money engaging in economic exchange. By so doing, money allows Money reduces the cost of engaging in economic exchange individuals to specialize in what they do best, and specializa- primarily by solving the double-coincidence-of-wants prob- tion—as Adam Smith famously pointed out—increases a lem. Under barter, if you have an item to trade, you must nation’s standard of living. Absent money, we would all fi rst fi nd people who want it and then fi nd one among them have to barter, which is time consuming and wasteful. who has exactly what you desire. That is diffi cult enough, but suppose you needed that specifi c thing today and had If money is to do its job well, it must maintain a stable value nothing to exchange until later. Making things always re- in terms of the goods and services that it buys. Traditional- quires access to the goods necessary for their production ly, monies have kept their purchasing power by being made before the fi nal good is ready, but pure barter requires that of precious metals—notably gold, silver, and copper—that receipts and outlays occur at the same time. -
Davis S Dissertation 2010.Pdf
The Trend Towards The Debasement Of American Currency A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy at George Mason University By Steven Davis Master of Science Stanford University, 2003 Master of Science University of Durham, 2002 Bachelor of Science University of Pennsylvania, 2001 Director: Dr. Richard Wagner, Professor Department of Economics Fall Semester 2010 George Mason University Fairfax, VA Copyright: 2010 by Steven Davis All Rights Reserved ii ACKNOWLEDGEMENTS I would like to thank Professors Richard Wagner, Robin Hanson, and John Crockett for their insight, feedback, and flexibility in their positions on my dissertation committee. Additional thanks to Professor Wagner for his guidance in helping me customize my academic program here at George Mason. I would also like to thank Mary Jackson for her amazing responsiveness to all of my questions and her constant supply of Krackel candy bars. Thanks to Professor “Doc” Bennett for being a great “RA-employer” and helping me optimize my Scantron-grading technique. Thanks to the Economics Department for greatly assisting my studies by awarding me the Dunn Fellowship, as well as providing a great environment for economic study. Thanks to my Mom and Dad for both their support and their implicit contribution to the Allen Davis game. Finally, thanks to the unknown chef of the great brownies available in the small Enterprise Hall cafeteria. Hopefully, they will one day become a topping at Mr. Yogato or at its successor, Little Yohai. iii TABLE OF CONTENTS Page LIST OF TABLES .......................................................................................................... v LIST OF FIGURES ........................................................................................................ vi ABSTRACT ................................................................................................................. viii Chapter 1: Introduction ..................................................................................................