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11 unusual facts about Federal Reserve Bank


Charles E. Mitchell

Indeed, while the Federal Reserve Bank was attempting to curb speculation earlier in 1929, Mitchell flaunted a $25 million advance to traders.

Charles Reidpath

For 15 years he worked in the city department of public works, and in 1956 helped build the Federal Reserve Bank as superintendent of construction for architects.

Chartis

As part of the financial crisis of 2007–2008, AIG suffered a liquidity crisis resulting in it being bailed out by the Federal Reserve, and the United States Department of the Treasury receiving warrants to acquire a controlling stake in the company.

Federal Reserve Bank

California, Florida, Missouri, Ohio, Pennsylvania, Tennessee, and Texas are the only states which have two or more Federal Reserve Bank branches seated within their states, with Missouri, Pennsylvania, and Tennessee having branches of two different districts within the same state.

New York, Richmond, and San Francisco are the only banks that oversee non-U.S. state territories.

the United States Court of Appeals for the Ninth Circuit stated that: "The Reserve Banks are not federal instrumentalities for purposes of the FTCA the Federal Tort Claims Act, but are independent, privately owned and locally controlled corporations."

Frank Kell

From 1914 to 1927, he was appointed as a director of the Eleventh District Federal Reserve Bank, based in Dallas, Texas.

Samuel Untermyer

He took an active part in preparing the Federal Reserve Bank law, the Clayton bill, the Federal Trade Commission bill, and other legislation curbing trusts.

The Economics of Innocent Fraud

8. The illusion that the Federal Reserve, by raising or lowering interest rates, has any effect whatsoever on spurring growth or preventing inflation.

Ulrich Cartellieri

Ulrich Cartellieri (born 21 September 1937) is a German businessman, a non-executive director of BAE Systems from 1999 to 2007, a member of the Supervisory Board of Robert Bosch GmbH and a member of the International Advisory Committee of the Federal Reserve Bank of New York.

Warehouse Act of 1916

The Warehouse Act of 1916 permitted Federal Reserve member banks to give loans to farmers on the security of their staple crops which were kept in Federal storage units as collateral.


Credit rating agency

According to professor Frank Partnoy, the regulation of CRAs by the SEC and Federal Reserve Bank has eliminated competition between CRAs and practically forced market participants to use the services of the three big agencies, Standard and Poor's, Moody's and Fitch.

José Berrocal

Subsequent to his stint in government, Berrocal became managing director of Wolfensohn (later acquired by Bankers Trust, then Deutsche Bank, where he worked closely with Federal Reserve Bank chairman Paul Volcker.