The core of modern central banking system of the United States was the Federal Reserve System (FRS), which consists of: 1) of the 12 Federal Reserve Banks, and 2) from a large number of member banks. According to the Federal Reserve Act of 1913 all the member banks of the Federal Reserve were to: a) to 6% of the equity as a share in the capital of the federal reserve banks, and b) to hold in their reserves in the last volume of 3% of the amount of time deposits and from 7 to 13% of demand deposits. Federal Reserve Banks are required to have a reserve of gold and legal tender in the amount of 35% of their deposits. Thus, the liabilities of the Federal Reserve Banks are: 1) from the equity created at the expense of shares of member banks, and 2) of the banknote issue 3) of bank deposits, representing the reserves of banks - members of the Fed.
The concentration of the Federal Reserve Bank cash reserves of commercial banks was a factor in saving money. Organization of the Federal Reserve helped to save cash and in other ways - through the development of non-cash payments, which were carried out on a large scale through the Federal Reserve Banks.
However, the creation of the Fed increased the centralization of the U.S. banking system and the dominance of large banks - the citadel of the financial oligarchy. Since the end of 1915 to August 1972 the share of the Federal Reserve in the total number of U.S. commercial banks rose from 28 to 41% and a total amount of their deposits - from 48 to 78%. Although members of the Fed are many banks, the decisive influence it has only a small number of large and major banks.
In August 1935 a law was passed, which made some organizational changes in the Fed. The meaning of this Act is primarily to further centralization of the U.S. banking system. All regular banks with deposits of at least $ 1 million owed in a certain period to join the Fed Federal Reserve central bodies of law have been significantly enhanced: the Fed was headed: put the Governing Council (composed of seven members appointed by the President of the United States for 14 years ) who is authorized to determine the interest rates the Federal Reserve banks, to change reserve requirements of member banks, to set standards for securities lending, to approve the selected reserve bank board of directors. Was created as a special Committee on the Open Market, all Federal Reserve Banks have to follow his directions in conducting its open market operations.
Resources of the federal reserve banks are formed by: 1) the issue of bank notes - the federal reserve tickets, 2) acceptance of deposits, mainly from member banks and the Treasury. A small part of the Federal Reserve Banks is made up of their own capital (paid-up and incremental).
Since the nationalization of gold reserves, carried out in 1934, the Federal Reserve Banks have ceased to be the guardians of the country's gold reserves, but in the asset balance of the number of gold certificates, which are signs of gold paper, concentrated in the state treasury. The main active operation of the federal reserve banks is the purchase of government securities. By comparison, a small amount of the loan amount of federal reserve banks to member banks.
Federal Reserve Banks are primarily lenders state. But the money invested by them in government securities will eventually be used in favor of corporations, as the government spent heavily on public procurement and payment of the purchase of goods.
Federal Reserve Banks to depository institutions doing the same thing that depository institutions are doing to people. They take deposits from banks and savings institutions and provide them with loans. Federal Reserve Banks are banks for the banks. In addition to equity (Federal Reserve) banks, the U.S. banking system includes: 1) commercial banks, 2) investment banks, and 3) mutual savings banks, and 4) banking houses.
The Federal Reserve an independent organization. It can not be abolished at the whim of the president, Congress also can not change its role and functions only as a special legislative act. Long terms of office of members of the Board are to protect and insulate them from political pressure.
The concentration of the Federal Reserve Bank cash reserves of commercial banks was a factor in saving money. Organization of the Federal Reserve helped to save cash and in other ways - through the development of non-cash payments, which were carried out on a large scale through the Federal Reserve Banks.
However, the creation of the Fed increased the centralization of the U.S. banking system and the dominance of large banks - the citadel of the financial oligarchy. Since the end of 1915 to August 1972 the share of the Federal Reserve in the total number of U.S. commercial banks rose from 28 to 41% and a total amount of their deposits - from 48 to 78%. Although members of the Fed are many banks, the decisive influence it has only a small number of large and major banks.
In August 1935 a law was passed, which made some organizational changes in the Fed. The meaning of this Act is primarily to further centralization of the U.S. banking system. All regular banks with deposits of at least $ 1 million owed in a certain period to join the Fed Federal Reserve central bodies of law have been significantly enhanced: the Fed was headed: put the Governing Council (composed of seven members appointed by the President of the United States for 14 years ) who is authorized to determine the interest rates the Federal Reserve banks, to change reserve requirements of member banks, to set standards for securities lending, to approve the selected reserve bank board of directors. Was created as a special Committee on the Open Market, all Federal Reserve Banks have to follow his directions in conducting its open market operations.
Resources of the federal reserve banks are formed by: 1) the issue of bank notes - the federal reserve tickets, 2) acceptance of deposits, mainly from member banks and the Treasury. A small part of the Federal Reserve Banks is made up of their own capital (paid-up and incremental).
Since the nationalization of gold reserves, carried out in 1934, the Federal Reserve Banks have ceased to be the guardians of the country's gold reserves, but in the asset balance of the number of gold certificates, which are signs of gold paper, concentrated in the state treasury. The main active operation of the federal reserve banks is the purchase of government securities. By comparison, a small amount of the loan amount of federal reserve banks to member banks.
Federal Reserve Banks are primarily lenders state. But the money invested by them in government securities will eventually be used in favor of corporations, as the government spent heavily on public procurement and payment of the purchase of goods.
Federal Reserve Banks to depository institutions doing the same thing that depository institutions are doing to people. They take deposits from banks and savings institutions and provide them with loans. Federal Reserve Banks are banks for the banks. In addition to equity (Federal Reserve) banks, the U.S. banking system includes: 1) commercial banks, 2) investment banks, and 3) mutual savings banks, and 4) banking houses.
The Federal Reserve an independent organization. It can not be abolished at the whim of the president, Congress also can not change its role and functions only as a special legislative act. Long terms of office of members of the Board are to protect and insulate them from political pressure.
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