ch17 - FederalReserveSystem TheOriginsofU.S.Central...

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    Federal Reserve System
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    The Origins of U.S. Central  Banking, 1791–1836 Bank of England Bank of the British Empire The Bank of North America (1781) Robert Morris and the first  chartered (government licensed)  bank
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    History of Central Banking in  the United States 1791 1 st  Bank of the United States 1811 Charter not renewed. 1816-1836 2 nd  Bank of the United  States
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    The Free-Banking Period (1837- 1861) A period that lasted until the Civil War during  which each state had its own banking rules,  and many states permitted relatively open  competition among banks. U.S. Treasury operated without a central  banking institution.
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    The Civil War, Greenbacks,  and National Banking 1863 National Currency Act
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    Policy and Politics without a  Central Bank Panic of 1873 and resumption of the gold  standard (1875) Populism, free silver, and bimetalism Prelude to the federal reserve Panics of 1893 and 1907 Federal Reserve Act of 1913
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    Central Bank Official institution with broad  responsibilities for a nation’s financial  system.
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    Functions of a Central Bank Lender of last resort.  Government’s banker and financial agent. Controls the creation of money. Shares the responsibility of regulating the 
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ch17 - FederalReserveSystem TheOriginsofU.S.Central...

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