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| allowed the Federal Reserve to set ceilings on savings account interest rates. |
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| Major financial panic occurred in |
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| forbid commercial banks from owning stock and non investment grade bonds |
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| glass-steagal act of 1933 |
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| nominal = real + exp inflation |
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| currency held by public + checkable depos + trav checks |
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| m1+savings depos + cds + retail mmkt MFs |
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| profit from printing money |
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| promote monetary stability |
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| dollar-denominated foreign bank account |
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| foreign currencies deposited in banks outside home country |
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| bond denominated in a currency other than the currency of issue |
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| community reinvestment act |
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| reserves, loans, aaa assets |
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| deposits, loans/debt (bonds) |
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| loan interest, cap gains, fees |
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| (ngdp/rgdp) - (gdp@current price/gdp@same base yr price) |
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| enacted by Congress, effectively repealing the 1933 Glass-Steagall Act. This allowed for consolidation of commercial banks, financial banks, and insurance companies. |
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| November 12, 1999- Financial Services Modernization Act (also known as Gramm-Leach-Bliley Act) |
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| (First) Bank of the United States Chartered to manage the federal government’s money and provide an important source of credit to the government and the economy. The legislation passed easily in Congress and President Washington upheld it. |
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| Congress passed legislation creating the Second Bank of the United States. The War of 1812 emphasized the need for a national bank which the United States lacked at the time due to Congress’ failure to renew the First Bank’s charter in 1811. The Second Bank was chartered for 20 years and approved by President James Madison. |
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| created to break up large trusts, first taking aim at the Northern Securities Company, a railroad combination engineered by J.P. Morgan among others. This act was pioneered by Theodore Roosevelt’s Department of Justice. |
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| sherman antitrust act of 1890 |
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| The Supreme Court dissolved Northern Securities as “an illegal combination in restraint of interstate commerce.” |
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| Court ordered breakup of Standard Oil. |
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| Reduced the autonomy of the central bank and gave the government a stronger hand in its operations. The Federal Reserve Board appointed by the president. |
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| prevented banks from directly controlling new central bank sys |
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| Reduced the riskiness of the financial system, with an emphasis on protecting ordinary citizens. This act separated commercial banking from investment banking to protect commercial banks from the risky activities of the investment banks. One provision of the act allowed the Federal Reserve to set ceilings on savings account interest rates (Johnson, 35). |
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| Increased regulation of bank holding companies and limited their ability to buy bank in multiple states. |
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| bank holding company act 1956 |
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| Savings and Loan Holding Company Act. |
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| Lending entities were required to disclose its terms and costs of lending in a standardized way so all costs and terms are calculated and disclosed the same way |
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| 1968: Truth in Lending Act. |
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| Guidelines for credit reporting agencies to protect customers’ credit score and not give out false information. |
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| fair credit reporting act 1970 |
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| This act phased out Regulation Q. It also enabled banks to compete for deposits by paying higher interest rates. The bill allowed S&L’s to expand home mortgages into a range of risky investments. It also overrode any state laws restricting the interest that could be charged on first mortgages. |
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| 1980: Depository Institutions Deregulation and Monetary Control Act. |
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| Would have allowed bank holding companies to expand into securities and insurance. It died in Congress. |
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| 1983: Financial Institutions Deregulation Act. |
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| This act gave investment banks the ability to buy up any mortgages, pool them together, and resell them in slices with varying levels of risk. |
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| 1984: Secondary Mortgage Market Enhancement Act. |
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| Created the Real Estate Mortgage Investment Conduit, which created tax advantages making mortgage-backed securities more attractive. |
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| The act relaxed constraints on interstate banking. |
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| 1994: Riegle-Neal Interstate Banking and Branching Efficiency Act. |
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| Demolished the remaining barriers separating commercial and investment banking by allowing holding companies to acquire banks in any state and allowing banks to open branches in new states. |
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| 1999: Gramm-Leach-Bliley Act. |
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| Ensured the deregulation of the over-the-counter derivatives and reaffirmed the authority of the Commodity Futures Trading Commission as the regulatory body of the futures market. (Investopedia) |
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| 2000: Commodity Futures Modernization Act. |
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