The Federal Reserve SystemHistory， Function & OrganizationEarly American Banking: 1791-1863Banking in the America of 1863 was far from easy or The First Bank (1791-1811) and Second Bank (1816-1836) of the United States were the only official representatives of the US Treasury – the only sources that issued and backed official US All other banks were operated under state charter， or by private Each bank issued its own individual， "" All of the state and private banks competed with each other and the two US Banks to make sure that their notes were redeemable for full face As you traveled around the country， you never knew exactly what kind of money you would get from the local With America’s population growing is size， mobility， and economic activity， this multiplicity of banks and kinds of money soon grew The National Banks: 1863-1913In 1863， Congress passed the first National Bank Act providing for a supervised system of "National B" The Act setup operational standards for the banks， established minimum amounts of capital to be held by the banks， and defined how the banks were to make and administer In addition， the Act imposed a 10 percent tax on state banknotes， thus effectively eliminating non-federal currency from (What is a "National" bank?)The Federal Reserve System: 1913 to DateFunctions of the Federal Reserve SystemBy 1913， America’s economic growth both at home and abroad required a more flexible， yet better controlled and safer banking The Federal Reserve Act of 1913 established the Federal Reserve System as the central banking authority of the United SUnder the Federal Reserve Act of 1913 and amendments over the years， the Federal Reserve System: * Conducts America’s monetary * Supervises and regulates banks and protects consumers’ credit * Maintains the stability of America’s financial system * Provides financial services to the US Government， the public， financial institutions， and foreign financial The Federal Reserve makes loans to commercial banks and is authorized to issue the Federal Reserve notes that make up America’s entire supply of paper Organization of the Federal Reserve SystemBoard of GovernorsOverseeing the system， the Board of Governors of the Federal Reserve System， controls operations of the 12 Federal Reserve Banks， several monetary and consumer advisory committees and the thousands of member banks across the USThe Board of Governors sets minimum reserve limits (how much capital is on hand) for all member banks， sets the discount rate for the 12 Federal Reserve Banks， and reviews the budgets of the 12 Federal Reserve BWhat is a "National" BankAny bank using the phrase， "National Bank" in its name must be a member of the Federal Reserve S They must maintain minimum levels of reserves with one of the 12 Federal Reserve banks and must deposit a percentage of their customers’ savings account and checking account deposits in a Federal Reserve All banks incorporated under a national charter are required to become members of the Federal Reserve S Banks incorporated under a state charter may apply for ("National Banks" from the US Code)-pdf找不到别的了
Capitalism grow up the Origin of Economic InstitutionsTo the degree that they exist， freedom and the pursuit of material self-interest， operating in a rational cultural environment， are the foundation of all the other institutions of And the study of these institutions and their functioning is the substance of the science of If individuals both possess freedom and， at the same time， rationally desire to improve their lives and well-being， then they have only to use their minds to look at reality， consider the various opportunities that nature and the existence of other people offer them for serving their self-interest， and choose to pursue whichever of the opportunities confronting them they judge They can do whatever they judge is most in their self-interest to do， provided only that they do not initiate the use of force against What people do in these circumstances is spontaneously to set about establishing， or extending and reinforcing， all the other institutions， in addition to freedom and limited government， that constitute a capitalist economic system， such as private ownership of the means of production， saving and capital accumulation， exchange and money， division of labor， and the price Thus， in pursuing their rational self-interest under freedom， they appropriate previously unowned land and natural resources from nature and make them into private property and thus privately owned means of Private property in products， including capital goods， then follows on the basis of private property in land and natural resources: the owners of land and natural resources own the products that result from them， including those which they use as means of further In addition， of course， they can exchange their products with others for These others then also own products， including capital goods， and can， of course， obtain land and natural resources from their original owners by means of purchase or， in primitive conditions， barter In sum， capitalism， with its economic progress and prosperity， is the economic system of a free It is the economic system people achieve if they have freedom and are rational enough to use it to benefit As I have said， it represents a self-expanded power of human reason to serve human
