The Federal National Mortgage Association, commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal. It is a government-sponsored enterprise, though it has been a publicly traded company since 1968. The corporation's purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities, allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on thrifts. In the 1968 change, Fannie Mae's predecessor was split into the current Fannie Mae and the Government National Mortgage Association "Ginnie Mae". Ginnie Mae had the federal backing while Fannie Mae appeared to have federal backing.
The Foreign and Domestic accomplishments of the 1790’s These accomplishments began with Washington’s administration in 1789 and moved through his term to John Adams’s election in 1796. Throughout the ten year span the two men created, passed and established accomplishments need to form a better country. These foreign and domestic precedents provided the foundation for the financial, political and social structures of modern day America. In 1789 George Washington was unanimously elected to serve as the first president of the United States. Under his administration came great changes, starting with the establishment of the Cabinet in 1789.
By 1968, the annual limitation from the western hemisphere was set at 120,000 immigrants, with visas available on a first-come, first-served basis. The Act also began the rejuvenation of the Asian American community in the US by abolishing the strict quotas that had restricted immigration from Asia since 1882. Increased numbers of Asian immigrants then began arriving to revitalize the older community. By the end of the 20th century, the
With pressure from Great Britain and the other Allies, Roosevelt was persuaded into having the Lend-Lease Act of 1941 passed. The lend-Lease Act allowed the President to "sell, transfer title to, exchange, lease, lend, or otherwise dispose of, to any such government any defense article", mainly Great Britain. By the end of October of 1941, Roosevelt approved one billion dollars of Lend-Lease aid to Great
The Zionist Connection: What Price Peace? New York: Dodd, Mead and Co., 1978. Luke, H. and Roach, E. The Handbook of Palestine and Transjordan, London: 1934. Mansur, George. The Arab Worker under the Palestine Mandate, Jerusalem: The Commercial Press, 1937.
Furthermore in 1986 the single European act was signed that set a 6 year programme to create a single market. In 1993 the treaty of Maastricht was signed which united Europe further by establishing an economic and financial unification, and introducing a common currency, the Euro. As a result to its success more nations joined so that there are now 28 members. There are many advantages of being a member of the European Union. It is the world’s largest player in terms of having the largest GDP and highest percentage of exports and imports.
Reagan’s policies reflected conservative politics and contributed to simulation of the economy in many ways. Reagan was one of the people that where involved with the Economic Recovery Tax act in 1981. The Economic Recovery Tax Act cut all income taxes by twenty five percent, and reduced the top income tax rate from seventy percent to fifty percent. In the beginning of the fall in 1982 the economy began a sixth straight mount growth due to the Economic Recovery Tax Act. This was the longest uninterrupted period of expansion since the government started keeping track in 1854.During this time fifteen million new jobs were created and just under twenty trillion dollars worth of good and services were produced.
Given the role of the Fed in our economy, how can the Fed use the tools that it has to influence an economy that it is in a recession? The Fed has three tools to influence the direction of the economy; in your two to three page paper, make sure to address each of them and what the Fed should do to get the economy out of a recession. The Federal Reserve was established in 1913 to manage the nation’s money as well as our economy. Since its beginning, the Fed, as they are also known, has for the most part run independently of Congress. It is a powerful branch which does not require government approval to react to events which take place in the economy.
Help the American Economy: Raise Minimum Wage In June of 1938 President Franklin D. Roosevelt signed into law a bill called the Fair Labor Standards Act (FLSA). The act was recommended by Congress in 1937 because its requirements were supposed to protect workers and stimulate the economy (Congressional Digest, 2013). Minimum wage was established by Congress in 1938 at the rate of $0.25 an hour. Minimum wage is currently $7.25 an hour due to several increases legislated by Congress over the past 75 years. Minimum wage was intended to protect the health and well-being of employees by creating a minimum standard of living.
The Federal Reserve is the bank of banks. Its main purpose and mission is to provide the nation with a safer, more flexible, and more stable monetary and financial system. Since it was founded by Congress in 1913 its role has expanded and changed but its core mission remains the same. (federalreserve.gov) Today the mission of the Federal Reserve is to promote sustainable growth, high levels of employment, stability of prices to help preserve the purchasing power of the dollar and moderate long-term interest rates. (Investopedia.com) The structure of the Federal Reserve consists of a seven member Board of Governors and twelve Reserve Banks located in major cities throughout the United States.