Federal Reserve

Examples of Federal Reserve in the following topics:

• The Federal Reserve Act

  • President Wilson secured passage of the Federal Reserve Act in late 1913.
  • President Wilson secured passage of the Federal Reserve Act in late 1913, as an attempt to carve out a middle ground between conservative Republicans, led by Senator Nelson W.
  • Moreover, Wilson convinced Bryan's supporters that because Federal Reserve notes were issued by the government, the plan met their demands for an elastic currency.
  • Wilson named Paul Warburg and other prominent bankers to direct the Federal Reserve.
  • Despite the fact that the Act intended to diminish the influence of the New York banks, the New York branch continued to dominate the Federal Reserve until the New Deal reorganized and strengthened the Federal Reserve in the 1930s.

• Wilsonian Progressivism

  • Included among these were the Federal Reserve Act, Federal Trade Commission Act, the Clayton Antitrust Act, and the Federal Farm Loan Act.
  • Wilson's banking reform was most notably accomplished by the 1913 creation of the Federal Reserve System.
  • Moreover, Wilson convinced Bryan's supporters that because Federal Reserve notes were issued by the government, the plan met their demands for an elastic currency.
  • Wilson named Paul Warburg and other prominent bankers to direct the Federal Reserve.
  • Despite the fact that the Act intended to diminish the influence of the New York banks, the New York branch continued to dominate the Federal Reserve until the New Deal reorganized and strengthened the Federal Reserve in the 1930s.

• The Wilson Administration

  • This included the Federal Reserve Act, the Underwood Tariff, the Federal Trade Commission, the Clayton Antitrust Act, and the Adamson Act.
  • In late 1913, Wilson secured passage of the Federal Reserve Act, an Act of Congress that created the Federal Reserve System, the central banking system of the U.S., and granted it the legal authority to issue currency.
  • To create the Federal Reserve System, he had to negotiate a compromise between conservative Republicans (led by Senator Nelson W.
  • A complex business-government partnership that to this day dominates the financial world, the Federal Reserve System played a major role in financing the Allied and American war efforts during the two World Wars.
  • Wilson also pursued a new approach to encouraging competition through the Federal Trade Commission.

• Banking and Finance Reform

  • It provided for a system of reopening sound banks under Treasury supervision, with federal loans available if needed.
  • Three-quarters of the banks in the Federal Reserve System reopened within the next three days.
  • The Federal Reserve was required by law to have 40 percent gold backing their cash notes, and thus, could not expand the money supply beyond what was allowed by the gold reserves held in their vaults.
  • Adherence to the gold standard prevented the Federal Reserve from expanding the money supply in order to stimulate the economy, fund insolvent banks, and fund government deficits which could "prime the pump" for an expansion.
  • This measure enabled the Federal Reserve to increase the amount of money in circulation to the level the economy needed.

• Anti-Trust Laws

  • Wilson sought to encourage competition and curb trusts by using the Federal Trade Commission to enforce the Clayton Antitrust Act.
  • For instance, the 1916 Federal Farm Loan Act provided for issuance of low-cost, long term mortgages to farmers, and the Adamson Act imposed an eight-hour workday in the railroad industry (prompted by the 1916 summer strike by railroad employees).
  • In addition to the Underwood tariff, which seemed to finally resolve the political debate over tariff rates, and the creation of the Federal Reserve, Wilson also supported anti-trust legislation.
  • Wilson deviated from his presidential predecessors, who relied on lawsuits to break trusts and monopolies, by founding a new trustbusting approach through encouraging competition through the Federal Trade Commission.
  • The Federal Trade Commission effectively restricted unfair trade practices and enforced the 1914 Clayton Antitrust Act.

• American Indian Relocation

  • Termination of a tribe meant the immediate withdrawal of all federal aid, services, and protection, as well as the end of reservations.
  • Most such acts included the cessation of federal recognition and all the federal aid that came along with that designation.
  • In addition to ending the tribal rights as sovereign nations, the policy terminated federal support of most of the health care and education programs, utility services, and police and fire departments available to Indians on reservations.
  • Many Indians also lost health care during termination after relocating off the reservations.
  • Indian houses and farms on the Laguna Indian reservation, Laguna, New Mexico (March 1943).

• "We the People"

  • If federal legislation conflicts with state laws, the federal legislation prevails and the state must defer to the federal government.
  • There are two types of federal systems: dual federalism and cooperative federalism.
  • Under this view of federalism, the federal government only has the powers expressly granted to it, while the states retain all other powers.
  • The Constitution contains safeguards that prevent stretching federalism too far to either extreme, and the Tenth Amendment notably reserves for state governments all powers not expressly given to the federal government within the Constitution.
  • For example, although the federal government prosecutes crimes against the United States (such as treason or interference with the postal system), the general administration of criminal justice is reserved to the states.

• Roosevelt and Conservation

  • Theodore Roosevelt is credited with many achievements, but he was proudest of his work conserving natural resources and extending federal protection to land and wildlife.
  • He encouraged the Newlands Reclamation Act of 1902 to promote federal construction of dams to irrigate small farms and placed 230 million acres under federal protection.
  • He also established the first 51 bird reserves, 4 game preserves, and 150 national forests, including the nation's first, Shoshone National Forest.
  • In 1905, his department gained control of the national forest reserves.
  • Pinchot promoted private use (for a fee) under federal supervision.

• The Sovereign States

  • The sovereignty of the states as opposed to the power of the federal government has been a longstanding issue in American politics.
  • The Court has recognized the federal government's supreme power over those limited matters entrusted to it.
  • Thus, no state may interfere with the federal government's operations as though its sovereignty were superior to that of the federal government; for example, states may not interfere with the federal government's near absolute discretion to sell its own real property even when that real property is located in one or another state.
  • For example, although the federal government prosecutes crimes against the United States (such as treason or interference with the postal system), the general administration of criminal justice is reserved to the states.
  • Compare the sovereignty of the states to the power of the federal government

• National Identity

  • ., the federal government).
  • The Court has recognized the federal government's supreme power over those limited matters entrusted to it.
  • In the American system of government, constitutional law recognizes a federation of state governments separate from (and not subdivisions of) the federal government, each of which is sovereign over its own affairs.
  • In the event of a conflict, a valid federal law prevails.
  • For example, although the federal government prosecutes crimes against the United States (such as treason or interference with the postal system), the general administration of criminal justice is reserved for the states.