Federal Register / Vol. 61, No. 215 / Tuesday, November 5, 1996 / Notices

Total Page:16

File Type:pdf, Size:1020Kb

Federal Register / Vol. 61, No. 215 / Tuesday, November 5, 1996 / Notices Federal Register / Vol. 61, No. 215 / Tuesday, November 5, 1996 / Notices 56961 the Federal Reserve System, 20th and C Formations of, Acquisitions by, and indirectly acquire Merchants & Farmers Streets, N.W., Washington, D.C. 20551. Mergers of Bank Holding Companies Bank, Donalsonville, Georgia. SUPPLEMENTARY INFORMATION: 2. First Georgia Community Corp., Proposal to extend, without revision, The companies listed in this notice Jackson, Georgia; to become a bank have applied to the Board for approval, the following currently approved holding company by acquiring 100 pursuant to the Bank Holding Company collection of information: percent of the voting shares of First Act of 1956 (12 U.S.C. 1841 et seq.) Title: Country Exposure Report for U.S. Georgia Community Bank, Jackson, (BHC Act), Regulation Y (12 CFR Part Branches and Agencies of Foreign Banks Georgia, in organization. Form Number: FFIEC 019 225), and all other applicable statutes OMB Number: 7100-0213. and regulations to become a bank Board of Governors of the Federal Reserve Frequency of Response: Quarterly. holding company and/or to acquire the System, October 30, 1996. Affected Public: U.S. branches and assets or the ownership of, control of, or Jennifer J. Johnson, agencies of foreign banks. the power to vote shares of a bank or Deputy Secretary of the Board. Estimated Number of Respondents: 329 bank holding company and all of the [FR Doc. 96±28295 Filed 11-4-96; 8:45 am] Estimated Time per Response: 10 banks and nonbanking companies BILLING CODE 6210-01-F burden hours. owned by the bank holding company, Estimated Total Annual Burden: 13,160 including the companies listed below. burden hours. The applications listed below, as well Notice of Proposals to Engage in General Description of Report: This as other related filings required by the Permissible Nonbanking Activities or information collection is mandatory: 12 Board, are available for immediate to Acquire Companies that are U.S.C. 3105 and 3108 for the Board of inspection at the Federal Reserve Bank Engaged in Permissible Nonbanking Governors of the Federal Reserve indicated. Once the application has Activities System; sections 7 and 10 of the Federal been accepted for processing, it will also Deposit Insurance Act (12 U.S.C. 1817, be available for inspection at the offices The companies listed in this notice 1820) for the Federal Deposit Insurance of the Board of Governors. Interested have given notice under section 4 of the Corporation; and the National Bank Act persons may express their views in Bank Holding Company Act (12 U.S.C. (12 U.S.C. 161) for the Office of the writing on the standards enumerated in 1843) (BHC Act) and Regulation Comptroller of the Currency). This the BHC Act (12 U.S.C. 1842(c)). If the Y, (12 CFR Part 225) to engage de novo, information collection is given proposal also involves the acquisition of or to acquire or control voting securities confidential treatment (5 U.S.C. a nonbanking company, the review also or assets of a company that engages 552(b)(8)). Small businesses (that is, includes whether the acquisition of the either directly or through a subsidiary or small U.S. branches and agencies of nonbanking company complies with the other company, in a nonbanking activity foreign banks) are affected. standards in section 4 of the BHC Act, that is listed in § 225.25 of Regulation Abstract: All individual U.S. branches including whether the acquisition of the Y (12 CFR 225.25) or that the Board has and agencies of foreign banks that have nonbanking company can ``reasonably determined by Order to be closely more than $30 million in direct claims be expected to produce benefits to the related to banking and permissible for on residents of foreign countries must public, such as greater convenience, bank holding companies. Unless file the FFIEC 019 report quarterly. increased competition, or gains in otherwise noted, these activities will be Currently, all respondents report efficiency, that outweigh possible conducted throughout the United States. adjusted exposure amounts to the five adverse effects, such as undue Each notice is available for inspection largest countries having at least $20 concentration of resources, decreased or at the Federal Reserve Bank indicated. million in total adjusted exposure. The unfair competition, conflicts of Once the notice has been accepted for Agencies collect this data to monitor the interests, or unsound banking practices'' processing, it will also be available for extent to which such branches and (12 U.S.C. 1843). Any request for inspection at the offices of the Board of agencies are pursuing prudent country a hearing must be accompanied by a Governors. Interested persons may risk diversification policies and limiting statement of the reasons a written express their views in writing on the potential liquidity pressures. No presentation would not suffice in lieu of question whether the proposal complies revisions are proposed to this a hearing, identifying specifically any with the standards of section 4 of the information collection. questions of fact that are in dispute, BHC Act, including whether REQUEST FOR COMMENT summarizing the evidence that would consummation of the proposal can Comments submitted in response to be presented at a hearing, and indicating ``reasonably be expected to produce this Notice will be summarized or how the party commenting would be benefits to the public, such as greater included in the agencies' requests for aggrieved by approval of the proposal. convenience, increased competition, or OMB approval. All comments will Unless otherwise noted, nonbanking gains in efficiency, that outweigh become a matter of public record. activities will be conducted throughout possible adverse effects, such as undue Written comments should address the the United States. concentration of resources, decreased or accuracy of the burden estimates and Unless otherwise noted, comments unfair competition, conflicts of ways to minimize burden including the regarding each of these applications interests, or unsound banking practices'' use of automated collection techniques must be received at the Reserve Bank (12 U.S.C. 1843). Any request for a or the use of other forms of information indicated or the offices of the Board of hearing on this question must be technology as well as other relevant Governors not later than November 29, accompanied by a statement of the aspects of the information collection 1996. reasons a written presentation would request. A. Federal Reserve Bank of Atlanta not suffice in lieu of a hearing, Board of Governors of the Federal Reserve (Zane R. Kelley, Vice President) 104 identifying specifically any questions of System, October 30, 1996. Marietta Street, N.W., Atlanta, Georgia fact that are in dispute, summarizing the William W. Wiles, 30303: evidence that would be presented at a Secretary of the Board. 1. ABC Bancorp, Moultrie, Georgia; to hearing, and indicating how the party [FR Doc. 96±28358 Filed 11±4±96; 8:45AM] merge with M&F Financial Corporation, commenting would be aggrieved by Billing Code 6210±01±F Donalsonville, Georgia, and thereby approval of the proposal. 56962 Federal Register / Vol. 61, No. 215 / Tuesday, November 5, 1996 / Notices Unless otherwise noted, comments Sunshine Act Meeting data standards community, the health quality regarding the applications must be assurance community, the public health and received at the Reserve Bank indicated AGENCY HOLDING THE MEETING: Board of research communities, State and local or the offices of the Board of Governors Governors of the Federal Reserve governments and other interested and System. affected parties are scheduled to describe not later than November 19, 1996. their perspectives on health data standards. A. Federal Reserve Bank of New TIME AND DATE: 12:00 noon, Tuesday, The Committee also will discuss its priorities York (Christopher J. McCurdy, Senior November 12, 1996. and work plans. Vice President) 33 Liberty Street, New PLACE: Marriner S. Eccles Federal Notice: In the interest of security, the York, New York 10045: Reserve Board Building, C Street Department has instituted stringent 1. The Royal Bank of Canada, entrance between 20th and 21st Streets, procedures for entrance to the Hubert H. Montreal, Canada; to engage de novo Humphrey building by non-government N.W., Washington, D.C. 20551. employees. Thus, persons without a through an unnamed wholly-owned STATUS: Closed. government identification card should plan subsidiary, in the activity of making and MATTERS TO BE CONSIDERED: to arrive at the building each day either servicing loans or other extensions of between 8:30 and 9:00 a.m. or 12:30 and 1:00 credit, pursuant to § 225.25(b)(1) of the 1. Personnel actions (appointments, p.m. so they can be escorted to the meeting. Board's Regulation Y. promotions, assignments, reassignments, and Entrance to the meeting at other times during salary actions) involving individual Federal 2. Unidanmark A/S and Unibank A/ the day cannot be assured. Reserve System employees. Contact Person for More Information: S, both of Copenhagen, Denmark 2. Any items carried forward from a (collectively, Notificants); to retain 100 Substantive program information as well as previously announced meeting. summaries of the meeting and a roster of percent of the voting interests in Aros CONTACT PERSON FOR MORE INFORMATION: committee members may be obtained from Securities, Inc., New York, New York Mr. Joseph R. Coyne, Assistant to the James Scanlon, NCVHS, Executive Staff (Aros), and thereby engage in providing Board; (202) 452±3204. You may call Director, Office of the Assistant Secretary for investment and financial advisory Planning and Evaluation, DHHS, Room 440± (202) 452±3207, beginning at services; providing discount and full- D. Humphrey Building, 200 Independence approximately 5 p.m. two business days service brokerage services; buying and Avenue S.W., Washington, D.C.
Recommended publications
  • 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).
    [Show full text]
  • 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.
    [Show full text]
  • 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.
    [Show full text]
  • Major Banking Laws
    Major U.S. Banking Laws The most important laws that have affected the banking industry in the United States are listed below (in chronological order). • National Bank Act of 1864 (Chapter 106, 13 STAT. 99). Established a national banking system and the chartering of national banks. • Federal Reserve Act of 1913 (P.L. 63-43, 38 STAT. 251, 12 USC 221). Established the Federal Reserve System as the central banking system of the U.S. • The McFadden Act of 1927 (P.L. 69-639, 44 STAT. 1224). Amended the National Banking Laws and the Federal Reserve Act and prohibited interstate banking. • Banking Act of 1933 (P.L. 73-66, 48 STAT. 162). Also known as the Glass-Steagall Act. Established the FDIC as a temporary agency. Separated commercial banking from investment banking, establishing them as separate lines of commerce. • Banking Act of 1935 (P.L. 74-305, 49 STAT. 684). Established the FDIC as a permanent agency of the government. It extended the branching provisions of the Banking Act of 1933 to FDIC non-members and required state member banks to obtain Federal Reserve Board approval of new branches. • Soldiers and Sailors Civil Relief Act of 1940 (50 App. U.S.C. § 501). The Soldiers' and Sailors' Civil Relief Act of 1940 (SSCRA), as amended, was passed by Congress to provide protection for individuals entering or called to active duty in the military service. It is intended to postpone or suspend certain civil obligations to enable servicemembers to devote full attention to duty. The Act applies to the United States, the states, the District of Columbia, all U.S.
    [Show full text]
  • National Bank Act of 1863 Gale Encyclopedia of U.S
    3/30/2014 www.encyclopedia.com/utility/printdocument.aspx?id=1G2:3406400620 National Bank Act of 1863 Gale Encyclopedia of U.S. Economic History 2000 NATIONAL BANK ACT OF 1863 The National Bank Act of 1863 was designed to create a national banking system, float federal war loans, and establish a national currency. Congress passed the act to help resolve the financial crisis that emerged during the early days of the American Civil War (1861–1865). The fight with the South was expensive and no effective tax program had been drawn up to finance it. In December 1861 banks suspended specie payments (payments in gold or silver coins for paper currency called notes or bills). People could no longer convert bank notes into coins. Government responded by passing the Legal Tender Act (1862), issuing $150 million in national notes called greenbacks. However, bank notes (paper bills issued by state banks) accounted for most of the currency in circulation. In order to bring financial stability to the nation and fund the war effort, the National Bank Act of 1863 was introduced in the Senate in January of that year. Republican congressman from Pennsylvania Thaddeus Stevens (1792–1868) opposed the act; Secretary of the Treasury Salmon Chase (1808–73), aided by Senator John Sherman (1823–1900) of Ohio, promoted it. The bill was approved in the Senate by a close vote of 23 to 21, and the House passed the legislation in February. National banks that were organized under the act were required to purchase government bonds as a condition of start-up.
    [Show full text]
  • Federal Preemption in the Dual Banking System: an Overview and Issues for the 116Th Congress
    Federal Preemption in the Dual Banking System: An Overview and Issues for the 116th Congress May 17, 2019 Congressional Research Service https://crsreports.congress.gov R45726 SUMMARY R45726 Federal Preemption in the May 17, 2019 Dual Banking System: An Overview Jay B. Sykes Legislative Attorney and Issues for the 116th Congress Banks play a critical role in the United States economy, channeling money from savers to borrowers and facilitating productive investment. While the nature of lawmakers’ interest in bank regulation has shifted over time, most bank regulations fall into one of three general categories. First, banks must abide by a variety of safety-and-soundness requirements designed to minimize the risk of their failure and maintain macroeconomic stability. Second, banks must comply with consumer protection rules intended to deter abusive practices and provide consumers with complete information about financial products and services. Third, banks are subject to various reporting, recordkeeping, and anti-money laundering requirements designed to assist law enforcement in investigating criminal activity. The substantive content of these requirements remains the subject of intense debate. However, the division of regulatory authority over banks between the federal government and the states plays a key role in shaping that content. In some cases, federal law displaces (or “preempts”) state bank regulations. In other cases, states are permitted to supplement federal regulations with different, sometimes stricter requirements. Because of its substantive implications, federal preemption has recently become a flashpoint in debates surrounding bank regulation. In the American “dual banking system,” banks can apply for a national charter from the Office of the Comptroller of the Currency (OCC) or a state charter from a state’s banking authority.
    [Show full text]
  • Community Reinvestment Act (CRA) Fact Sheet
    Community Reinvestment Act (CRA) Fact Sheet Overview This fact sheet provides a general overview of the Community Reinvestment Act (CRA). Included is information pertaining to the CRA’s implementation, requirements for financial institutions and federal regulatory agencies, the existing guidelines for evaluating financial institutions, the purpose and availability of CRA records, as well as information pertaining to 1995 reforms. The information provided below is intended to assist economic development practitioners and community bankers in better understanding the federal regulations governing the financial service industry. Through the information provided in this fact sheet, readers will gain a better understanding of CRA requirements, how they developed, and how they affect financial institutions today. Implementation The Community Reinvestment Act of 1977 primarily addressed redlining – the practice by financial institutions of denying or increasing the cost of banking or insurance servi ces to residents of certain areas.i The concept of redlining was introduced in 1973 when community groups based in Chicago denounced local banks’ discriminatory lending practices. Pressure from community groups prompted Illinois to pass the first anti-redlining regulation.ii The Illinois legislation identified redlining as "the practice of arbitrarily varying the terms of application procedures or refusing to grant a… loan within a specific geographic area on the ground that the specific parcel of real- estate proposed as collateral for the loan is located within said geographical area." Following Illinois’ enactment of its anti-redlining legislation, victims of redlined communities throughout the United States demanded state, and eventually, national regulation. Congress’ first step in addressing redlining was the enactment of the Home Mortgage Disclosure Act (HMDA).
    [Show full text]
  • 2 12 Uscs § 9 Chapter 2. National Banks
    12 USCS § 9 BANKS AND BANKING 2 § 9. Additional examiners, clerks, and other fuel, lights, and other proper conveniences for the employees transaction of the business of his office. The Comptroller of the Currency is hereby autho­ (R. S. § 331.) rized to employ such additional examiners, clerks, and other employees as he deems necessary to carry § 14. Report of Comptroller out the provisions of this title and to assign to duty The Comptroller of the Currency shall make an in the office of his bureau in Washington such annual report to Congress. The report required examiners and assistant examiners as he shall deem under this section shall include the report required necessary to assist in the performance of the work of under section 18(f)(7) of the Federal Trade Commis­ that bureau. sion Act [15 USCS § 57a(f)(7)]. (March 4, 1923, ch 252, Title II, § 209(b), 42 Stat. (R. S. 333; Feb. 18, 1875, ch 80, § 1, 18 Stat. 317; 1467.) Aug. 7, 1946, ch 770, § 1(39), 60 Stat. 869; Dec. 27, 2000, P. L. 106-569, Title XI, § 1103(c), 114 Stat. § 10. Salaries of Deputy Comptrollers, exam­ 3031.) iners, and other employees as part of bank examination expenses CHAPTER 2. NATIONAL BANKS The salaries of the Deputy Comptrollers and of all national bank examiners and assistant examiners ORGANIZATION AND GENERAL PROVISIONS assigned to duty in the office of the bureau in Washington in connection with the supervision of Section national banks shall be considered part of the ex­ 21. Formation of national banking associations; incorporators; articles of association penses of the examinations provided for by section 21a.
    [Show full text]
  • The Effectiveness of the Community Reinvestment Act
    The Effectiveness of the Community Reinvestment Act Updated February 28, 2019 Congressional Research Service https://crsreports.congress.gov R43661 The Effectiveness of the Community Reinvestment Act Summary The Community Reinvestment Act (CRA; P.L. 95-128, 12 U.S.C. §§2901-2908) addresses how banking institutions meet the credit needs of the areas they serve, particularly in low- and moderate-income (LMI) neighborhoods. The federal banking regulatory agencies—the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC)—currently implement the CRA. The regulators issue CRA credits, or points, where banks engage in qualifying activities—such as mortgage, consumer, and business lending; community investments; and low-cost services that would benefit LMI areas and entities—that occur with a designated assessment area. These credits are then used to issue each bank a performance rating. The CRA requires these ratings be taken into account when banks apply for charters, branches, mergers, and acquisitions among other things. The CRA, which was enacted in 1977, was subsequently revised in 1989 to require public disclosure of bank CRA ratings to establish a four-tiered system of descriptive performance levels (i.e., Outstanding, Satisfactory, Needs to Improve, or Substantial Noncompliance). In 1995, the CRA examination was customized to account for differences in bank sizes and business models. In 2005, the bank size definitions were revised and indexed to the Consumer Price Index. The 2005 amendments also expanded opportunities for banks to earn CRA credit for public welfare investments (such as providing housing, services, or jobs that primarily benefit LMI individuals).
    [Show full text]
  • The 3-6-3 Rule: an Urban Myth?
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by Research Papers in Economics The 3-6-3 Rule: An Urban Myth? John R. Walter bservers often describe the banking industry of the 1950s, 1960s, and 1970s as operating according to a 3-6-3 rule: Bankers gathered O deposits at 3 percent, lent them at 6 percent, and were on the golf course by 3 o’clock in the afternoon. The implication is that the industry was a sleepy one, marked by a lack of aggressive competition. Further, the often heard phrase “bankers’ hours” also seems to point to a lack of competitive zeal. Tight regulation is thought to have limited competition and allowed the 3-6-3 rule and the concept of bankers’ hours to survive. The banking industry was indeed subject to a raft of regulations that were introduced during the Great Depression and only began to be removed in the early 1980s. Included were restrictions that limited the formation of banks and the location of bank branches. These regulations also limited the interest rates they could pay depositors and charge borrowers. In today’s banking environment, one can hardly imagine bankers oper- ating by anything close to a 3-6-3 rule because the market is clearly quite competitive and is likely more competitive than during the 1950s, 1960s, and 1970s. Consider an example of today’s competitive setting: A visit to the Internet allows a mortgage borrower the choice of hundreds of mortgage lenders from around the country, any of whom are happy to lend.
    [Show full text]
  • Highlights 107A:V
    Levy Economics Institute of Bard College Levy Economics Institute Public Policy Brief of Bard College Highlights, No. 107A, 2010 NO GOING BACK: WHY WE CANNOT RESTORE GLASS-STEAGALL’S SEGREGATION OF BANKING AND FINANCE1 jan kregel Introduction Recently, a number of authoritative voices have called for a return to the New Deal Glass-Steagall legislation as the most appropriate response to the 1999 Financial Services Modernization Act’s fail- ure to provide stability of the financial system. However, a clear understanding of the 1933 Banking Act, along with subsequent regulatory interpretation and legislation, suggests that this would be dif- ficult, if not impossible. A new Glass-Steagall Act would have to be substantially different from the original, and some of the internal structural contradictions that led to its demise remedied. What Was Glass-Steagall Trying to Do? First, it is important to note that the legislation, produced in slightly less than three months, was considered a stopgap measure that was enacted following three years of crisis. It drew extensively on reform proposals that had been under discussion since the establishment of the National Monetary Commission in 1908 and the subsequent creation of the Federal Reserve System. Indeed, the main The full text of this paper is published as Levy Institute Public Policy Brief No. 107, available at www.levyinstitute.org. Senior Scholar jan kregel is director of the Levy Institute’s Monetary Policy and Financial Structure Program, a distinguished research HIGHLIGHTS professor at the Center for Full Employment and Price Stability of the University of Missouri–Kansas City, and professor, Tallinn Technical University.
    [Show full text]
  • A..P. Giannini, Marriner Stoddard Eccles, and The
    A..P. GIANNINI, MARRINER STODDARD ECCLES, AND THE CHANGING LANDSCAPE OF AMERICAN BANKING Sandra J. Weldin, B.A., M.Ed. Dissertation Prepared for the Degree of DOCTOR OF PHILOSOPHY UNIVERSITY OF NORTH TEXAS May 2000 APPROVED: Ronald E. Marcello, Major Professor and Chair Donald K.Pickens, Co-Chair Francis Bullit Lowry, Minor Professor D.Barry Lumsden, Committee Member E. Dale Odom, Committee Member J.B. Smallwood, Committee Member Richard M. Golden, Chair of the Department of History C. Neal Tate, Dean of the Robert B. Toulouse School of Graduate Studies Weldin, Sandra J., A.P. Giannini, Marriner Stoddard Eccles, and the changing landscape of American banking. Doctor of Philosophy (History), May 2000, 240 pp., references, 71 titles. The Great Depression elucidated the shortcomings of the banking system and its control by Wall Street. The creation of the Federal Reserve System in 1913 was insufficient to correct flaws in the banking system until the Banking Acts of 1933 and 1935. A.P. Giannini, the American-Italian founder of the Bank of America and Mormon Marriner S. Eccles, chairman of Federal Reserve Board (1935-1949), from California and Utah respectively, successfully worked to restrain the power of the eastern banking establishment. The Banking Act of 1935 was the capstone of their cooperation, a bill that placed open market operations in the hands of the Federal Reserve, thus diminishing the power of the New York Reserve. The creation of the Federal Housing Act, as orchestrated by Eccles, became a source of enormous revenue for Giannini. Giannini’s wide use of branch banking and mass advertising was his contribution to American banking.
    [Show full text]