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Download Banking and Financial Institutions Law in a Nutshell, 7th by William Lovett PDF

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By William Lovett

Authoritative insurance offers a origin for knowing fresh advancements in banking and fiscal associations. textual content covers topics equivalent to elevated pageant, deregulation, financial institution and thrift mess ups, large-scale bailout, and restructuring efforts. Unresolved demanding situations comprise finances stimulus, deficits, and renewed supervision via regulators.

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3. NATIONAL BANKING ACT AND THE DUAL BANKING SYSTEM During the Civil War, with eleven Southern and agrarian states out of the Congress, it was possible to enact stronger federal banking legislation. The National Banking Act of 1863 encouraged federal chartering of state banks with modest capitalization requirements, but imposed stronger reserve requirements and limitations on the note issue of federally chartered banks. Within two years Congress increased federal taxes on state bank notes to 12 BANKING LAW Ch.

This legal structure is the foundation for most subsequent monetary and banking policy de- Sec. S. 15 velopments, and influenced later regulation of savings institutions by the Federal Home Loan Bank Board. These reforms seemed to resolve the outstanding problems in money and banking. Federal Reserve banknotes could grow with expanding commercial paper and economic prosperity, and assure a more adequate, reliable monetary growth. Government borrowing capacity was firmly established to support emergency finance and war-time needs.

But in this Panic the banks were left to fend for themselves, and after a period of widespread suspension in specie payments on bank notes, things slowly improved. 42 MONEY AND BANKING 3. Ch. 2 CIVIL WAR AND THE DUAL CHARTERING SYSTEM The Civil War emergency greatly multiplied the financial needs of government. Federal expenditures grew from $67 million in 1861 to $1,297 million in 1865. The Union War effort was financed mainly with government borrowing and paper currency (Treasury notes or "greenbacks"), although tax revenues increased from $40 million in 1861 to $300 million in 1865.

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