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The national banking act of the United States

2018-12-29 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- The national banking act of the United States,供大家参考学习,这篇论文讨论了美国的《国民银行法》。《国民银行法》是美国银行史上第一个关于统一管理全国银行业和金融业的联邦金融法。《国民银行法》及其修正案施行后,美国初步建立起比较规范的国民银行体系,美国联邦政府对银行体系的监管也有所加强。但《国民银行法》在立法上还存在很多不完善和不合理的地方,从而造成了当时美国银行监管方面的漏洞和银行体系内的诸多弊病。

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The national banking act was the first federal financial act in the history of the bank of America that unified the management of the national banking and financial industry. After the implementation of the act and its amendment, the United States initially established a relatively standardized national banking system, and the federal government strengthened its supervision over the banking system. However, the national banking act was imperfect and unreasonable in legislation, which resulted in loopholes in bank supervision and many defects in the banking system.

America has been a society of diverse interests since its founding. In order to avoid the concentration of social resources and rights into the control of a specific group, thus damaging the interests of other groups, the spirit of the constitution of the United States attaches great importance to the principle of separation of powers and checks and balances. In the process of making and implementing realistic policies, we also pay great attention to giving equal rights and freedoms to all social groups to safeguard their own interests. Because the monetary banking system is directly related to the wealth distribution effect, the struggle of all social strata and interest groups in this field is particularly fierce. Influenced by Thomas Jefferson's ideas of freedom and equality, the American people also have the traditional consciousness of opposing the concentration of monetary power. For to the average American, a central bank undoubtedly represents a high concentration of financial resources and power, and is a tool used by certain groups to make profits. It was this traditional consciousness that dominated the two attempts to establish a central bank in the history of the United States. The first bank, founded in 1791, was closed in 1811. The second bank of the United States, founded in 1816, was closed in 1836. In fact, these two embryonic central Banks are beneficial to the control and monopoly of financial resources and rights of large Banks, and detrimental to the equal freedom and opportunity of small and medium-sized American businesses to open and operate Banks.

Since 1836 the bank of America's second President Andrew Jackson ? is turned off, the federal government to take the laissez-faire policy of banking industry and completely gave up on monetary banking system of centralized management, bank approval and supervision of all shall be the responsibility of the states themselves. The U.S. banking system experienced the most chaotic twenty-seven years in the history of monetary banking, the so-called free banking period, as the entire banking industry lost the institution of unified regulation and management. During this period, the number of state Banks grew rapidly and "wildcat Banks" prevailed. However, there were many problems such as insufficient capital quota, complex bondage varieties and unstable credit in Banks. About half of the Banks failed before their operating period. Given the chaotic state of financial markets during the era of free banking, calls for a common currency and a return to federal supervision of money Banks have resurfaced. At the same time, the new patriotism inspired by the civil war has led to a wider public recognition of the authority of the federal government. In this favorable social background, to end the chaotic monetary banking, and raise money for the war, the then Treasury secretary salmon chase, in March 1863, the United States congress through the act of the national currency. In 1864, parliament passed the national banking act to replace the national currency act, on which the national banking system was established.

The national banking act was the first federal financial act in the history of the bank of America that unified the management of the national banking and financial industry. Historians have put forward different views on the purpose of establishing the national banking act. Or think it's mainly to support federal credit. Chase, the Treasury secretary who pushed the law through during the civil war, later stated that his "first objective was to meet the broad demands of the war, and the second was to replace state bank notes with national bank money and to redeem them in COINS." It can be seen that the purpose of the national banking act is actually to establish the authority of the federal government on banking supervision and intervention, establish the national banking system under unified supervision to replace the decentralized state Banks, so as to coordinate the currency circulation and ensure financial stability.

The law of the people's bank of China stipulates that a bureau of monetary supervision shall be set up under the ministry of finance to exercise the functions of management, supervision and inspection over the people's bank of China. The office of the comptroller of the currency is specifically responsible for the examination and approval of the registration of national Banks, the examination and approval of whether the capital operation and loan ratio of national Banks meet the requirements, and the implementation of provisions on deposit reserve and issuance reserve. This means that in the national banking system, to become a national bank, it is necessary to apply for registration with the federal government, issued by the federal government business license, subject to the supervision and management of the federal government, but also must meet the requirements of the above laws.

The establishment of the national banking act indicates that the federal government has started to deviate from the policy of laissez-faire since the closure of the second bank of the United States, and to exercise supervision and control over the monetary banking system. After the implementation of the national banking act and its amendment, the United States initially established a relatively standardized national banking system, and the federal government of the United States strengthened its supervision over the banking system. However, the national banking act was imperfect and unreasonable in legislation, which resulted in loopholes in bank supervision and many defects in the banking system.

First of all, the biggest drawback of the national banking law is that it fails to establish a central bank and realize unified supervision of the monetary banking industry. In view of the historical lessons of first and second national bank, the federal government is not set up a bank of monetary system centralized regulation and oversight for the central bank, by attempting to collect taxes on for state Banks to issue bank notes to make registration to the federal government, state Banks to join the national banking system and ultimately to the national banking system to replace the state banking system, so as to realize the unity of the federal government on banking supervision, and coordination of monetary circulation, maintaining financial stability. To this end, the national banking act amendment specifically set up the tax system of state Banks to issue bank vouchers, the provisions of any state Banks to issue bank notes must be issued in accordance with the provisions, the ratio of pay tax, intended to force state Banks quickly turn to national bank, on the one hand, make the national bank notes become a unified currency, on the other hand easy monetary supervision bureau of supervision and management of the entire banking system. But the national banking act did not actually achieve this purpose. Because the "national bank law" on the capital ratio of national Banks, loans and issuing bank notes provisions and restrictions than the state Banks more stringent. For example, national Banks are not allowed to set up branches or operate trust businesses, but there are no restrictions on state Banks. Therefore, in the first two years after the enactment of the law, except for a few state Banks that joined the national bank to avoid the 10% tax on bank notes issuance, most state Banks were reluctant to apply for federal registration, but skillfully maintained a relatively stable source of funds through cheque depositing. Therefore, the national bank has not been able to replace the state bank, the state bank notes flood, the state bank management chaos problem has not been solved. In order to make the national banking system more attractive to state Banks, congress successively introduced two legal measures, namely, "act of March 3, 1865" and "monetary act of 1900". After the implementation of these two bills, the issuance of state bank notes gradually shrank due to strict and expensive taxes, and finally disappeared from circulation. However, the national bank did not replace the state Banks in the end. The state banking system still maintained the vitality of continuous development, and formed the "dual-track banking system" in the United States, which has been continued to this day, with the approval of registration and financial supervision by the bureau of monetary directors and financial institutions of the state governments.

Second, from the practical requirements of bank supervision, the national banking law has many loopholes and deficiencies in the supervision and legislation of the banking system. The national banking law prohibits national Banks from operating trust business, and most state registered Banks regulated by the state banking law cannot engage in trust business. As a result, a number of state-chartered trust institutions enjoy exclusive investment business opportunities. Trust institutions belong to the state banking system, to monitor the state rather than federal government, and the state to regional economic development, to this kind of trust assets ratio of franchising often require too loose, supervising, and trust become focus for risky assets, become the hidden trouble of the financial crisis. In the late 19th century, the rapid growth state franchised trust for America's financial market an important financial tool, they collect deposits and make loans, widely participate in the joint of railway restructuring and industrial companies, engaged in commercial Banks is also engaged in private banking, range far beyond the traditional business scope provided by the funds of the trust. While competing with national bank for most banking business, trust companies also have investment opportunities that national bank does not enjoy, while being less regulated than national bank and state bank and less regulated in asset selection. For example, trust companies can own equity assets directly and are allowed to own and manage real estate. Such assets can also account for 15% of their total assets, which is not allowed at national bank. The national bank is required to maintain 25 percent of its reserves, while the trust company is required to maintain 15 percent of its total deposits, and two-thirds of this reserve can be in the form of bank notes or bonds, and only one-third in the form of cash. Thus, the asset ratio of trust companies hides higher risks. They can also lend like commercial Banks, but the federal government's looser regulation of trust companies makes them far less regulated than national Banks. Trust to make full use of the loophole in the law on open the door of the speculation, in order to get to the risk of investment of funds, they pay higher interest rates, and mortgage lending money on stocks and bonds, in October 1907, half of the New York trust bank loans are guaranteed by securities as collateral, lead to two money market and capital market, increased the instability of financial markets. Once trust companies are run by depositors, they have to suddenly recall these mortgages from the market, and lenders have to sell their stocks in order to pay back the loans. The associated effect is that stock prices plummet, interest rates on demand loans soar, and panic spreads widely through the stock market. It was this trust institution with excessively risky asset ratio that became the source of the outbreak of the American crisis in 1907 and acted as an intermediary to spread the financial crisis to the stock market and other financial institutions and even the entire financial market.

Third, there are many disadvantages in the banking system, such as dispersed reserves, inelastic currency, backward commercial paper market and the lack of unified check clearing mechanism. The national banking act divides the national Banks of the country into three levels according to size and region: the central reserve city bank refers to the national bank of New York; Reserve city Banks refer to the national Banks of 18 important cities; The term "rural bank" shall mean any national bank other than the 19 cities mentioned above. The law on national banking stipulates different reserve ratio and deposit reserve depository places of the third-level national Banks respectively: the reserve ratio of the grameen bank is 15%, of which 2/5 of the reserve must be deposited in the bank's vault, and the remaining 3/5 can be deposited in the national Banks of the reserve cities or the central reserve city national bank. The reserve city bank reserve ratio is 25%, of which half of the deposit reserve as cash in stock, the other half can be stored in the central reserve city national Banks; National Banks in the central reserve cities have a 25 percent reserve ratio, with all deposits reserved for cash on hand. The national banking act was originally designed to prevent financial crisis based on the reserve system, but it backfired. The national banking system based on the reserve system was actually not a system and had no effective mechanism for preventing and responding to financial crisis. On the contrary, this hierarchical and centralized inverted pyramid reserve system actually tangled the capital and capital markets and became a channel to transmit, transfer and spread financial turmoil. Through this channel, instability in a small number of Banks, regions or individual sectors is likely to develop into nationwide financial instability or even panic. At the same time, although the establishment of the national bank system, provides us with at par flow standardized currency, largely improved after the currency of the disorder, but due to the national banking act some legislation itself is not reasonable, but the funds the us banking system liquidity problems caused by lack of serious problems such as lack of flexibility and control money supply. Because the national bank act stipulates that the issuance of national bank notes must be based on federal government bonds, the money supply lacks the necessary flexibility to expand or contract in response to the needs of the economic cycle and emergency. Moreover, the lack of a sound commercial paper market and a nationwide bank clearing system in the national banking system has affected the soundness and stability of the domestic financial market. In addition, the imperfect commercial paper market in the United States also prevents the United States from being in line with the developed discount market of commercial acceptance paper in European countries, which is not conducive to the international short-term capital flow.

Due to the imperfection of the national banking law and the numerous defects of the national banking system established on it, from the end of the 19th century to the beginning of the 20th century, the United States suffered from financial crisis while developing rapidly in industrial economy. For example, severe financial crisis occurred in 1873, 1884, 1893 and 1907. The frequent outbreak of financial crisis has caused great damage to the American society and economy, and even often plunged the United States into economic depression for several years. Among them, the source of the outbreak of the financial crisis in 1907 was the weakest link in the supervision of the national banking law -- trust institutions. The crisis fully exposed the defects of the national banking system of the United States, which made all sectors of the American society realize the necessity of completely changing the banking system and establishing a central bank to act as the lender of last resort in order to achieve unified supervision of the monetary banking system and maintain financial stability. In 1913, the United States enacted the federal reserve system act, which completely amended the national banking act and established the first real central bank in American history -- the federal reserve system of the United States. After the establishment of the federal reserve system of the United States, the law on the federal reserve system has been continuously revised and supplemented according to the actual needs, making the United States become the most developed country in the world in terms of financial markets and the most complex and perfect regulatory system.

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