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The American Federal Reserve
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The American Federal Reserve
The Federal research system started on December 23, 1913, after President Woodrow Wilson signed the Federal Reserve Act into law. It composed of a central, independent government agency who is the Board of Governors in Washington, D.C. The 12 regional Federal Reserve Banks were also located in the major cities all over the nation. In Today’s world, the Federal Reserve System sets the state monetary policy, it supervises and also it provides the financial services to various institutions that need money. It also provides the financial services to US government and foreign official institutions.
Before the foundation of Federal Reserve, the US nation was bankrupt. During this time, the bankruptcy led into several waves of panics, and this made most citizens to rush to their bank accounts so as to withdraw their deposits. A specific failure of a bank often had a negative impact towards others. The panics could make the customers to rush to withdraw money from their depository banks even if those banks had no sign of failing. Banks in the US needed a source of caution reserves to prevent any panics and the customer’s runs from driving them out of business.
There serious panics in 1907 that made the banks bankrupt and this raised the alarm on the fragile banking system in the nation, and this led to Congress in 1913 to write the Federal Reserve Act. The Federal Reserve System addressed the banking panics that had existed within the economy. This responsibility is now charged with the several other broader assignments. Some of the responsibilities of the Federal Reserve include fostering a sound banking system and a healthy economy.
Since the creation of the Federal Reserve, several pieces of legislation have been enacted by Congress that guides the operations and conduct of the central bank. The Great Depression Congress passed on the Banking Act in 1935, and this established the Federal Open Market Committee (FOMC) as the Federal monetary policymaking body. The Federal Reserve Reform Act in the year 1977 was enacted in the period of surging inflation. The Full Employment and the Balanced Growth Act, that was approved in 1978 and was known informally as the Humphrey – Hawkins Act.
The Full Employment and Balance Growth Act ensured full employment as the second goal of monetary policy and it required the Federal system to report to the Congress on its policy twice in a year. In 2007-2008, The Congress passed a reform and a consumer protection Act of 2010.The law was known as the Dodd-Frank Act and it affected the Fed in several ways. It changed the Fed’s governance, increases its transparency, expands its regulatory responsibilities and finally transfers most of Fed consumer protection responsibilities to a new Consumer Financial Protection Bureau.
Today, the Federal Reserve responsibility has fallen into four general areas. First, it conducts the nation’s monetary policy through influencing money and the credit conditions in the economy in pursuit of full employment and the very stable prices. It also supervises and regulates the banks and the other necessary financial institutions to ensure the very safety and the soundness of the nation’s banking and financial system. In addition to this, it is to protect the credit rights of consumers. Thirdly, it is to maintain the stability of the financial system and contains a systematic risk which may arise in financial markets.
Currently, the Federal Reserve is critical in providing specific the much needed financial services to the government, financial institutions and the foreign official institutions. It is also used to effect and monitor the country’s foreign payment systems. The American colonists were very limited in using the European money, barter as their main means of exchange before the Independence from the British rule. This ineffective to them because people lacked faith in the colonial currency and the authority of the colonies to issue money was interrupted by their British rulers. The colonial banks were not always operating like the new banks. They did not always take deposits from the public or make the loans. They only issued the paper currency which was backed by land or the superior metals such as gold. Merchants and the other individuals were the primary sources of credit.
The Federal Reserve Banks are not part of the federal government, but they co-exist because of an act of Congress. Its primary purpose is to serve the American public. The Federal Reserve System is both private and public. The Board of Governors functions as an independent government agency making it too accessible to the public while the Federal Reserve Banks are set up like the private corporations making it a private sector. Member banks usually hold stock in the Federal Reserve Banks, and they earn dividends.
If the Federal Reserves’ money comes ultimately from the taxpayers, it can be understood as the public being charged interest on the banks’ own reserves. Reserves maintained for their private profit. The Federal Reserve’s income is derived from the interest on the U.S. government securities which had been acquired through open market operations. When the expenses have been paid, the Federal Reserve turns the best of its earnings over to the U.S. Treasury.
According to the Fed’s website, the control Congress has over the Federal Reserve is limited to: It is subject to oversight by Congress, which periodically reviews its activities and can fundamentally alter its responsibilities by statute. If the Federal Reserve was a federal agency, the government could issue U.S. legal tender directly, avoiding an unnecessary interest-bearing debt to the private middlemen who usually want to benefit without much sweat.
In summary, the Federal Reserve is the American central Bank that was created back in the year 1913 with the aim of achieving stability within the economy. The Federal Reserve has backings of various acts of Congress that anchor its main functions. It caters for the financial interests of the American people and promotes efficiency in the U.S. economy through setting the monetary policy within the country, initiating interventions that ensure the financial systems are stable, comes up with interventions to protect consumers of financial institutions and initiate community development, creating a payment and settlement system that is safe and efficient, and monitors and accesses the safety and soundness of other financial institutions within the economy.
The U.S Congress had enacted various Acts since the inception of the Federal Reserve to promote its sound management and facilitate its efficiency. Some of the acts of Congress in regards to the Federal Reserve include The Full Employment Growth Act that entrenched the full employment as the essential goal of the Federal reserve’ monetary reserve and mandated the Federal System to submit reports to the Congress twice each year. The Consumer Protection Act of 2010 that ensured several changes were made to the Federal Reserve like the establishment of the Consumer Financial Protection Bureau, promoting transparency and expanded the agency’s regulatory responsibilities.
References
Ihrig, J. E., E. E. Meade, and G. C. Weinbach. “Monetary Policy 101: A Primer on the Fed’s Changing Approach to Policy Implementation, Board of Governors of the Federal Reserve System Discussion Series 2015-047.” (2015).
Jaremski, Matthew, and David C. Wheelock. “Banker preferences, interbank connections, and the enduring structure of the Federal Reserve System.” Explorations in Economic History 66 (2017): 21-43.
Mongelli, Francesco Paolo, Jung-Duk Lichtenberger, and Dieter Gerdesmeier. “A Brief Comparison of the Eurosystem, the US Federal Reserve System, and the Bank of Japan.” Elements of the Euro Area. Routledge, 2018. 53-72.
Wiles, William W. “Federal Reserve System.” System (2015).
Critique of This Qualitative Study
Critique of This Qualitative Study
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In “Negotiating identity development among undocumented immigrant college students: A grounded theory study. Journal of Counseling Psychology, 60(2), 251–264.” Ellis, & Chen argues in the essence that undocumented youth in the US face a lot issues as they live with the others based on their undocumented nature. Ellis, & Chen goes ahead to state that this an aspect makes many of these youth get devastated and move out of school. Based on my vast experience as a researcher, I have to say that I find Ellis, & Chen opinions intellectual, fascinating, and possibly notably well worth following.
Ellis, & Chen application of negotiation is an aspect that shows how hard these undocumented youths face as they adapt and stay in the US. First and foremost, Ellis, & Chen denotes that about 40% of the undocumented youths do not complete their high school education as a result of the challenges they face. This suggests that the hardship these people go through and the words they are framed and called affect their self-esteem and confidence in how they associate and relate with the common people. Ellis, & Chen state that the blend of the words they are called and the hardship they face demoralizes them making them live in pain. Ellis, & Chen states that allowing these undocumented youths access education, makes them able to assimilate in the community.
Ellis, & Chen in the course of their research identified that graduation is a terrible process, which causes these youths to suffer a state of shock. Furthermore, the aspect of these youths being referred to as illegal aliens and illegal workers causes them to suffer a state of shock. The aspect of shock leads to financial anxiety and depressed motivation leads youths to drop out of school. Ellis & Chen in their study also noted that out of the privileged undocumented youths who finish high school, only about 49% gets the chance to join College.
Ellis, & Chen further noted that these undocumented youths lack state and federal student financial help thus making them lack money to pay for their schooling. These youths also have low income jobs, thus this would also limit their access to school. Access to school is an essential aspect that all students need to enjoy. This aspect of lacking financial and normal support makes it hard for undocumented youths to access a better life. Being unable to join college is an aspect that will not broaden undocumented youth mind as they can be able to join in different ventures. Ellis, & Chen research was based on identifying how to incorporate identity development into the curriculum as a way of building the self-esteem of undocumented youths. Ellis, & Chen used an interview protocol as a way of collecting and obtaining their data from a sample of eleven undocumented college students. The method of analyzing data was iterative and the methodology it was based on was the grounded theory.
The research carried out by Ellis, & Chen required them to look at the challenges that undocumented youth’s face and how they cope with others as a way of them searching for their belonging. This research also wanted to understand how these undocumented youths develop their identity amidst these challenges they face. This was by identifying how they participate in classes and their normal relationship with the documented public. Ellis, & Chen stated that it was necessary that the use of identity development theories would be a better idea to help undocumented students cope with others. This would also entitle them to join in relationship, which could see them marrying legal people and gaining their legal status and also open avenues for them regarding how they could obtain legal status. This would also make it possible for them to gain visas.
The complete research was conducted and it had staggering results as to how undocumented youths could benefit. This research viewed various themes arising from the research. These themes included challenging reflections, speaking about ways regarding how documentation status possesses a challenge to an individual’s perception of themselves and the world, the formation of identity as a continuous negotiation seizing the long-term shifts regarding understanding of emotional response and status implication to this understanding, enhancing positive attributes due to documentation struggles, and sewn within two threads, which describes bicultural identity salience. The findings of the research were discussed regarding the implication they possess to counseling psychologists, educators, and career counselors. The findings also suggested ways in which mental health professionals can empower and educate immigrant youths.
The research conducted by Ellis, & Chen cites work from various researcher like (Sullivan & Rehm, 2005), who in their study stated that undocumented immigrants face a lot of isolation and marginalization an aspect that leads them to stress, depression, and sadness as a result of their status. Sullivan & Rehm (2005) continued to state that those undocumented people who are employed face exploitation and lower wages as a result of their status. This study also cites its work from (Passel, 2005), who states that undocumented immigrants may further be limited as a result of lower rates regarding education achievement, and an increased rate of underemployment and unemployment. Passel (2005), states that these are the factors that lead to increased poverty among undocumented citizens. This study also cites work from another researcher (Ginorio et al., 1995), who stated that undocumented citizens face emotional and psychological stressors like physical health and poor mental, chronic stress, language barriers, immigration trauma, cultural role conflicts, and discrimination.
The basis of my critique regards how the research conducted its study, but failed to give full solutions to what could be done by the government to end this undocumented crisis. This study has done well in explaining and making us realize and see the pain that undocumented people face. This is an aspect that makes it possible to educate people to understand what these people feel and ways in which they can help accommodate these people.
Strength and weakness
The research has various strengths that it possesses. One of the strengths is the aspect that it was able to clearly understand the challenges that undocumented people face. This is an aspect that makes us see how we can help accommodate these people. The research has a strength regarding the aspect that identity formation is an issue that is affected by the challenges that these undocumented people face. This is an aspect that makes it possible for people to understand various ways in which we can live with them. The research has, however, some weaknesses. These weaknesses include the aspect that it was able to note challenges faced by undocumented people and ways in which various people can help grow the identity of these people, but it does not clearly give a way in which the government can go about helping undocumented people gain visas.
In conclusion, Ellis, & Chen research is very vital to educators, mental health professional, as it offers a wider scope of how they can help undocumented youth grow their identity better. This is an aspect that should be well understood as it would help alienate some of the challenges that these people face. The research should, however, go ahead and research ways in which the government can implement a faster and less tedious way of undocumented youths gaining visas.
References
Passel, J. S., & Pew Hispanic Center. (2006). The size and characteristics of the unauthorized migrant population in the U.S: Estimates based on the March 2005 current population survey. Washington, D.C: Pew Hispanic Center.
Sullivan, M. M., & Rehm, R. (January 01, 2005). Mental health of undocumented Mexican immigrants: a review of the literature. Ans. Advances in Nursing Science, 28, 3.)
Texas History 1822-19000
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Texas History 1822-19000
There are several major historical events that took place between 1822-1900 that would shape Texas and would help us understand how Texas was annexed from Mexico and became part of the US. Moses Austin had negotiated for land for 300 families in the Mexican Province in 1820. Antonio Martinez had agreed to give Moses Austin land to settle along the Colorado river but before the families could settle Moses Austin Died and his son took over. In 1824, Stephen Austin and the 300 families settled in Brazos and Colorado. The piece of land that they settled in however was not what they had been promised. Mexico had just won their independence from Spaniards and thus there was an interim government in place that was overseeing all the operations.
In 1824 when Mexico won the war, they established rules on people settling in the colony including need to be Catholics. They joined Texas and Coahuila and together they created a unified Mexican state “Coahuila y Texas”. Mexico welcomed settlers including in San Antonio Texas. There was vast huge of lands that most settlers wanted as it was best for livestock keeping. All the settlers needed to do was pay $30 as down payment and then they would not pay takes for 10 years, this deal was so good and it attracted settlers. Soon conflict begun on Texans and Mexicans with settlers denying their Mexican identity. Most settlers did not want to identify themselves as Mexicans and referred to themselves as Texans. Austin settlers had also brought slaves with them although Mexico had prohibited slaves. There was no allegiance to the nation and soon the Mexican government begun seeing that they would lose the territory. Around 1828, they begun encouraging Mexicans to move into the area. By 1830, Mexico banned the immigration of U.S into but encouraged immigration from Mexico and other European countries. The laws also became stricter especially on slave ownership and there was an increase in military presence a move that made most Texans angry.
In 1833, there was a revolution led by Antonio de Santa Anna Lopez and her overthrew the then President Bustamante. The Texans were okay with Santa Anna leading as he had shown support for the 1824 Constitution that had more similarities with the US constitution. Immediately while in power, he nullified the 1824 constitution and supported a more centralized government and he no longer supported Texas self-rule. In 1833 in response to the nullification 56 delegates from Texas drafted a resolution that wanted the government to change some of its laws. They also wanted Mexico to allow immigration from the United States and they wanted to also be exempted from the anti-slavery laws. The proposals were presented by Stephen Austin and James Miller but all did not go well as Austin was imprisoned on the charge that he incited insurrection. Most of 1830 laws were however repealed but Texas was not granted statehood. With immigration now open thousands of Americans moved to Texas,
In 1835, the Texas revolution begun. It was a rebellion between the colonist who came from the United States (Anglo-Americans) and the Tejanos (Mexican Texans). The Texans thought that the Americans were trying to prevent them from annexation. Notions such as culture and ethnicity were among the reasons that stirred up the rebellion has been supported by some authors. Ethnic reasons to some point may have contributed to the revolt majority of Mexican Texans were Catholic, and thus when the Anglo-Americans flocked into Texas, they were not allowed to have a protestant meeting but rather were to be Catholic. They also differed on slavery, in 1829 the Mexicans banned slavery, and the Anglo-Americans were shocked. The Americans also did not like the fact that the Mexican Texans did not have a jury system but the decisions were made by alcades, and the Mexicans too thought the Anglo Americans were racist. Some Texan leaders believed that Americans would invade their fertile areas especially the northern boundaries as they viewed themselves as superior. Some Tejanos and Anglo Americans had similar ideas. Both of these two groups agreed that there was a need for a better justice system and that Texas should separate from Coahuila. Anglo Americans would however eventually have outnumbered the Tejanos and were unhappy when the centralist took power. This war divided the Mexicans right in the middle. Some members fought for Americans others decided to be loyal to the state.
In 1836, March 1st Delegates held a convention at Washington-on-the-Brazos and drafted Texas declaration of independence that was adopted on March 2. This took place just a month after Santa Anna had invaded Texas to try and reclaim it to make sure they do not annex. March 6th 1836, Santa Anna and his men attacked Alamo under William B and Texas rebels tried to fight the Mexican Army but eventually Mexicans triumphed. Defenders of Alamo were killed including David Crockett a U.S. Congressman. Colonel James Fannin who was in charge of fort Goliad was also attacked by Santa Anna’s men and fought in Battle of Coleto and they too suffered same fate as Alamo. General Houston would later lead an army and attacked a camp with Santa Anna’s army where they triumphed as Santa Anna was captured and now Texas became a republic. During the rebellion, there were Mexican federalist who supported the Anglo American cause. There was the emergence of war patty which was against the Santa Anna regime. Mexicans and Anglo Americans hand found so much in politics that they could agree on.
September 1836, republic of Texas carried out their first election and Sam Houston was elected as their first president deputized by Mirabeau Lamar. Stephen Austin was appointed secretary of state. In 1839, the lone star flag was adopted as official flag for Texas. In 1846, February 19th Texas under the rue of President James Polk was annexed to the United States. President Polk tried defining borders between Texas and Mexico in Rio Grande but Mexico did not agree and troops were placed to protect the border. A war begun in May 1846 and this was officially seen as a war between U.S and Mexico and was declared by congress in May 13th. The war was brought to an end after Guadalupe-Hidalgo treaty was signed and it established boundaries. The treaty also included acquisition of Mexico northern territory; California, Nevada, Utah, New Mexico, and Arizona, as well as parts of Wyoming and Colorado for $15 million.
Between 1860-1865 Texas joined Confederacy. This was also the period of the civil war. Most Texans believed in slave ownership and election of Abraham Lincoln who was a republican was seen as a threat to slavery thus Southern States seceded including Texas as their state Legislature voted in favor of Secession. Slavery ended in Texas in June 19th 1865. Texas was readmitted back to United States in March 30 1870. In 1875, the Texas Constitution was revised and it shortened terms for elected officials and also lowered their salary this was in response to the reconstruction era. The constitution also created University of Texas and one million acres of land was set aside for Permanent University Fund. In 1880, Texas officials decided to build a new capitol building as the old one was now considered small and in 1881 the old building burned down. The new capitol was completed in 1888 and Goddess of Liberty was placed at the top of the dome. Texas was also important for the women’s suffrage movement. Texas Equal Rights Association was created and this became first statewide women’s movement. The main aim of the organization was advocating for equal voting rights for the women as well as being allowed to run for offices and serve in juries.
Works Cited
“Texas History Timeline.” Texas State History Museum, www.thestoryoftexas.com/discover/texas-history-timeline.