The History and Purpose of the U.S. Federal Reserve

The Federal Reserve System, created with the enactment of the Federal Reserve Act on December 23, 1913, is the central banking system of the United States. Popularly known as the Federal Reserve or simply the Fed, the Federal Reserve System was created in the belief that centralized, regulated control of the nation’s monetary system would help alleviate or prevent financial crises like the Panic of 1907. In creating the Fed, Congress sought to maximize employment, stabilize the prices of goods and services, and moderate the long-term effects of changes in the interest rate. Since it was first created, events like the Great Depression in the 1930s and the Great Recession during the 2000s have resulted in the modification and expansion of the Federal Reserve System’s roles, responsibilities, and authorities.   Banking in the United States before the creation of the Federal Reserve System was, to say the least, chaotic. Early American Banking: 1791-1863 Banking in the America of 1863 was far from easy or dependable. The First Bank (1791-1811) and Second Bank (1816-1836) of the United States were the only official representatives of the U.S. Treasury Department - the only sources that issued and backed official U.S. money. All other banks were operated under state charter, or by private parties. Each bank issued its own individual, banknotes. All of the state and private banks competed with each other and the two U.S. Banks to make sure that their notes were redeemable for full face value. As you traveled around the country, you never knew exactly what kind of money you would get from the local banks. With Americas population growing in size, mobility, and economic activity, this multiplicity of banks and kinds of money soon grew chaotic and  unmanageable. The National Banks: 1863-1913 In 1863, the U.S. Congress passed the first National Bank Act providing for a supervised system of National Banks. The Act set up operational standards for the banks, established minimum amounts of capital to be held by the banks, and defined how the banks were to make and administer loans. In addition, the Act imposed a 10% tax on state banknotes, thus effectively eliminating non-federal currency from circulation. What is a National Bank? Any bank using the phrase, National Bank in its name must be a member of the Federal Reserve System. They must maintain minimum levels of reserves with one of the 12 Federal Reserve banks and must deposit a percentage of their customers savings account and checking account deposits in a Federal Reserve bank. All banks incorporated under a national charter are required to become members of the Federal Reserve System. Banks incorporated under a state charter may also apply for Federal Reserve membership. The Federal Reserve System: 1913 to DateFunctions of the Federal Reserve System By 1913, Americas economic growth both at home and abroad required a more flexible, yet better controlled and safer banking system. The Federal Reserve Act of 1913 established the Federal Reserve System as the central banking authority of the United States. Under the Federal Reserve Act of 1913 and amendments over the years, the Federal Reserve System: Conducts Americas monetary policySupervises and regulates banks and protects consumers credit rightsMaintains the stability of Americas financial systemProvides financial services to the U.S. federal government, the public, financial institutions, and foreign financial institutions The Federal Reserve makes loans to commercial banks and is authorized to issue the Federal Reserve notes that comprise Americas entire supply of paper money. Organization of the Federal Reserve SystemBoard of Governors Overseeing the system, the Board of Governors of the Federal Reserve System, controls operations of the 12 Federal Reserve Banks, several monetary and consumer advisory committees and the thousands of member banks across the United States.The Board of Governors sets minimum reserve limits (how much capital banks must have on hand) for all member banks, sets the discount rate for the 12 Federal Reserve Banks, and reviews the budgets of the 12 Federal Reserve Banks.

Terrorism and the Causes of Terrorist Attacks Essay

The continuing successful and attempted terrorist attacks in the USA and the endless wars and conflicts in which we are involved are caused by the very same reasons experienced in the expansion of Europe during the 15th and 16th centuries. The economic, political, and cultural conditions present in each of these periods in history, although hundreds of years apart, are still very much alike. The same desires for money, relations between different countries, and differing religious views are what caused this tragedy and similar conflicts during the expansion of Europe. By examining these causes in the present as well as in the past, Americans might have a better understanding of the current situation and come up with some†¦show more content†¦The expedition of Hernà ¡n Cortà ©s and the conquistadors, one of Spains later voyages, showed that a common cause for mass violence and tragedy is found in the human desire for wealth. Cortà ©s main goal was at first ju st to develop trade with the Mexican mainland. But when he learned of the rich Aztec empire and their gold, he began to exploit and conquer them (Bulliet et al. 437). Cortà ©s accurately portrays the human desire of greed in the following quote taken from the class film Conquistadors, Do you have more gold? For were troubled from a disease of the heart that can only be cured by gold. This was just the beginning of the problem. As soon as the Aztecs had brought the conquistadors gifts of gold as a symbol of peace, Cortà ©s and his men had already set out to overthrow the Aztecs. Despite Cortà ©ss initial promise that he came in friendship, Moctezuma quickly found himself a prisoner in his own palace. His treasury was looted, its gold melted down. Soon a battle was raging in and about the capital between the Spaniards and the Aztecs (Bulliet et al. 438). The greed initiated at this period in history has been copied by the terrorists. Similar to the conquest made by Cortà ©s, the attack on the World Trade Center was also said to have profited the terrorists. The way in which they accomplished this was by selling their stocks right before the day of the attack andShow MoreRelatedTerrorists Attacks And Warfare.Recently, The Number Of1239 Words   |  5 PagesTerrorists Attacks and Warfare Recently, the number of terrorists’ attacks increase dramatically, so do reginal warfare. Both terrorists’ attacks and warfare are resulted from political complex, there is a correlation relationship between these two. The origins of terrorists’ attack is different political opinion and the purpose of minor groups did not be accepted, so they create terrorists attacks for attacking views on them. Warfare does stimulate Terrorists’ attacks by increase theRead MoreSuicide Terrorism And Islamic Fundamentalism991 Words   |  4 PagesDying To Win, Robert A. Pape challenges the views about why suicide terrorists do what they do and to whom. 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This definitionRead MoreEssay on Terrorism in the Media1109 Words   |  5 PagesTerrorism in the Media Terrorism can be defined as the use of criminal violence to try to force a government to change. It can also be defined as the use of criminal violence that groups or individuals use to seek revenge and cause heartache amongst those that they want to hurt/threaten. Most terrorist groups prefer to target people for a more dramatic response and celebrate when the media broadcasts their violent acts on television and throughout the news. Lately, more and more deadly terroristRead MoreIntroduction. This Essay Will Address Firstly What Is Terrorism1373 Words   |  6 PagesIntroduction This essay will address firstly what is terrorism and how does society preserve terrorism, how the police put up surveillance cameras to monitor Muslims and there community’s in Birmingham. Following the terrorist attacks of 9/11 and the London bombing on 7 July. As a consequence to the terrorist attacks of the above. Secondly how the British government and politicians have criminalised and victimised Muslims of their understanding of being terrorist, which is so delusional so many people in societyRead MoreThe United States Face Challenges And Threats1361 Words   |  6 PagesThese challenges include the terrorist threat, cyber threats, biological concerns, nuclear terrorism, transnational criminal organizations, and natural hazards (Department of Homeland Security, 2014). Of these six challenges, the terrorism threat seems to create the biggest fear and concern among U.S. citizens. There are several terrorist organizations that wish to cause harm to the United States, its c itizens, and its interests. 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