Sensing this danger, the original Federal Reserve Act of 1913 prohibited the Fed from buying or holding government debt.
There will be many events commemorating the signing of the Federal Reserve Act in December 1913.
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Many market participants are on the sidelines, or are tentative, as they wait to see if the U.S. Federal Reserve will act to implement another round of quantitative easing of U.S. monetary policy nicknamed QE3.
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Many market participants are also on the sidelines, or are tentative, as they wait to see if the U.S. Federal Reserve will act to implement another round of quantitative easing of U.S. monetary policy nicknamed QE3.
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The Humphrey Hawkins Act of 1978 made the Federal Reserve responsible for creating the monetary means to achieve full employment while maintaining price stability.
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Meanwhile, the financial world relies on Alan Greenspan, chairman of the Federal Reserve, to act as its swing producer, pumping a little more liquidity into the system when prices are soft, a little less when they drift too high.
The Federal Reserve was set up in 1913 to act as lender of last resort.
But it really goes through laying out not just the American Recovery and Reinvestment Act, but what the Federal Reserve did, all of the policies for financial stability, our housing program.
Together with Administration's Financial Stability Plan, its actions to aid distressed homeowners, and actions by the Federal Reserve and other regulators, the Recovery Act is generating one of the sharpest economic turnarounds since World War II.
That liquidity crisis is why the Federal Reserve had to step in last week and act as commercial bank of last resort, agreeing to buy short term notes called commercial paper directly from companies.
Hence, on December 23, 1913, during the term of President Woodrow Wilson, Congress passed the Federal Reserve Act and the Fed was born.
In fact, the Fed was established as a result of the Panic of 1907 and the discount mechanism and rate were the only tools of monetary policy given to the Fed in the Federal Reserve Act.
The Federal Reserve has a tradition of independence from the government, and therefore, can act faster rather than later when there is a clear and present danger for the economy.
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People of both parties have no confidence in our banks and the Federal Reserve to act in our best interests.
The Federal Reserve System, reconfigured by the Banking Acts of 1933 and 1935, is able to act quickly to prevent a high-finance crisis from becoming a credit-card crunch.
In the U.S. and Europe, organizations like the Federal Reserve, the Bank of England and the European Central Bank have tools in place to act against currency shifts, but these have been missing in similar bodies in the Middle East.
Thus, the Federal Reserve, responding to a dual mandate of fostering full employment and price stability, is forced to act.
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Land can act as a hedge against inflation, and thanks to Federal Reserve Ben Bernanke, there is plenty of cheap financing to be had.
Yet the Bank of Japan began to act about six months after land prices began to slide, while the Federal Reserve was debating whether there was a real estate bubble six months after it burst.
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