WThe Aldrich–Vreeland Act, passed in response to the Panic of 1907, established the National Monetary Commission, which recommended the Federal Reserve Act of 1913.
WThe Federal Reserve Reform Act of 1977 enacted a number of reforms to the Federal Reserve, making it more accountable for its actions on monetary and fiscal policy and tasking it with the goal to "promote maximum employment, production, and price stability". The act explicitly established price stability as a national policy goal for the first time. It also required quarterly reports to Congress "concerning the ranges of monetary and credit aggregates for the upcoming 12 months." It also modified the selection of the Class B and C Reserve Bank Directors. Discrimination on the basis of race, creed, color, sex, or national origin was prohibited, and the composition of the directors was required to represent interests of "agriculture, commerce, industry, services, labor and consumers". The Federal Reserve Act, which created the Federal Reserve in 1913, made no mention of services, labor, and consumers. Finally, the act established Senate confirmation of chairmen and vice chairmen of the Board of Governors of the Federal Reserve. The Federal Reserve Reform Act made the Federal Reserve more transparent to Congressional oversight.
WThis is a list of historical rate actions by the United States Federal Open Market Committee (FOMC). The FOMC controls the supply of credit to banks and the sale of treasury securities. The Federal Open Market Committee meets every two months during the fiscal year. At scheduled meetings, the FOMC meets and makes any changes it sees as necessary, notably to the federal funds rate and the discount rate. The committee may also take actions with a less firm target, such as an increasing liquidity by the sale of a set amount of Treasury bonds, or affecting the price of currencies both foreign and domestic by selling dollar reserves. Jerome Powell is the current chairperson of the Federal Reserve and the FOMC.
WJekyll Island is located off the coast of the U.S. state of Georgia, in Glynn County. It is one of the Sea Islands and one of the Golden Isles of Georgia barrier islands. The island is owned by the State of Georgia and run by a self-sustaining, self-governing body.
WAllan H. Meltzer was an American economist and Allan H. Meltzer Professor of Political Economy at Carnegie Mellon University's Tepper School of Business and Institute for Politics and Strategy in Pittsburgh, Pennsylvania. Meltzer specialized on studying monetary policy and the US Federal Reserve System, and authored several academic papers and books on the development and applications of monetary policy, and about the history of central banking in the US. Together with Karl Brunner, he created the Shadow Open Market Committee: a monetarist council that deeply criticized the Federal Open Market Committee.
W"Too big to fail" (TBTF) is a theory in banking and finance that asserts that certain corporations, particularly financial institutions, are so large and so interconnected that their failure would be disastrous to the greater economic system, and that they therefore must be supported by governments when they face potential failure. The colloquial term "too big to fail" was popularized by U.S. Congressman Stewart McKinney in a 1984 Congressional hearing, discussing the Federal Deposit Insurance Corporation's intervention with Continental Illinois. The term had previously been used occasionally in the press, and similar thinking had motivated earlier bank bailouts.
WPaul Moritz Warburg was an American investment banker born in Germany, and an early advocate of the U.S. central bank system, who served as the first Vice Chair of the Federal Reserve.