The Federal Reserve Act of 1913 It was not until the passage of the Federal Reserve Act of 1913, creating "an elastic currency" and the Federal Reserve System, that the nation even had centralized large-scale substitutes for cash in the form of demand deposits and time deposits regulated at the national level. Army Vice Chief of Staff General Peter W. Chiarelli has written of the capabilities gap between the capabilities the Nation needs and the combined resources the U.S. government can apply.19 The Army, with the direct support of the Department of Treasury and Department of Defense, and with minimal impact on its traditional roles and missions and culture, can create a banking system wherever it is asked to go, made possible not by infringing upon the traditional missions of other F...
Bailout opacity allows for multiple narratives. There is the popular version, in which the Treasury's hotly debated and heavily scrutinized $700 billion Troubled Asset Relief Program allowed a handful of bailed out AIG executives to pocket $165 million in bonus payments. The Board's arguments for nondisclosure are a distraction from the elemental difference between an agency record an a private commercial record. Court-ordered disclosure of financial information within the control of private parties is generally intended to ensure that the benefit of the information accrues to its rightful owners. Disclosure is deemed problematic in the commercial context when premature or unauthorized disclosure destroys any potential unrealized value of a secret which otherwise could and would have be...
After a month-long run on banks, on Mar 5, 1933, Pres Franklin Delano Roosevelt declared a nationwide Bank Holiday that shut down the banking system. The following week, in his first Fireside Chat, Roosevelt appealed directly to Americans to prevent a resumption of bank withdrawals; when the banks reopened on March 13, depositors stood in line to return their hoarded cash. The success of the Bank Holiday and the turnaround in public confidence can be attributed to the Emergency Banking Act of 1933, passed by Congress on March 9. The President used the emergency currency provisions of the Act to encourage the Federal Reserve to create de facto 100% deposit insurance in the reopened banks. The Bank Holiday and the Emergency Banking Act reestablished the integrity of the US payments system...
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