ECONOMICS
FINANCIAL MARKETS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
provide competition for merchant lenders
|
|
|
promote international trade and economic growth
|
|
|
help all Americans build wealth through savings accounts
|
|
|
allow individual merchants to charge fees for loans and other services
|
Detailed explanation-1: -On February 25, 1863, President Lincoln signed The National Currency Act into law. The Act established the Office of the Comptroller of the Currency (OCC), charged with responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency.
Detailed explanation-2: -The Banking Act of 1935 essentially created the Fed as we know it today. It strengthened the central bank’s powers and made them less decentralized than they had been during the Fed’s first two decades. New Deal banking reforms ushered in a long period of banking stability lasting from the 1930s to the 1980s.
Detailed explanation-3: -One of the most important of Alexander Hamilton’s many contributions to the emerging American economy was his successful advocacy for the creation of a national bank. But the Bank of the United States, like many of Hamilton’s other projects, would generate controversy.
Detailed explanation-4: -One prominent architect of the fledgling country-Alexander Hamilton, the first secretary of the Treasury under the new Constitution-had ambitious ideas about how to solve some of these problems. One of those was creating a national bank.