Banking system

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FEDERAL RESERVE BANK

The Federal Reserve, the Central Bank of the United States, was founded by Congress in 11 to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve System is divided into 1 districts, collectively serving as the nations Central Bank. The Federal Reserve is considered to be an independent central bank. It is so only in the sense that its decisions do not have to be ratified by the President or anyone else in the executive branch of government. The entire system is subject to oversight by the U.S. Congress because the Constitution gives to Congress the power to coin money and set its value, a power that in the 11 act, Congress itself delegated to the Federal Reserve. The Federal Reserve must work within the framework of the overall objectives of economic financial policy established by the government, and thus the description of the system as "independent within the government."

Today, the Federal Reserves duties fall into four categories

1.Conducting the nations monetary policyOrder College Papers on Banking system

.Supervising and regulating banking institutions and protecting the credit rights of consumers.

.Maintaining the stability of the financial system

4.Providing certain financial services to the U.S. government, the public, financial institutions, and foreign official institutions.

Monetary Policy

The Federal Reserve System conducts monetary policy using major tools

1.Open Market Operations- the buying and selling of U.S. government (mainly Treasury) Securities in the open market to influence the level of reserves in the depository system.

.Reserve Requirements- requirements regarding the amount of funds commercial banks and other depository institutions must hold in reserve against deposits.

.The Discount Rate- the interest rate charged commercial banks and other depository institutions when they borrow reserves from a regional Federal Reserve Bank.

The Federal Reserve Act lays out the goals of monetary policy. It specifies that in conducting monetary policy, the Federal Reserve System and the Federal Open Market committee should seek "to promote effectively the goals of maximum employment, stabilize prices, and moderate long-term interest rates." Many analysts believe that the central bank should focus primarily on achieving price stability. A stable level of prices appears to be the condition most conducive to maximum sustained output and employment and to moderate long-term interest rates. Experience has shown that the economy performs well when inflation is low. When inflation is low and is expected to remain low, interest rates are usually low as well. Such an environment fosters low unemployment and allows the economy to achieve its growth potential. The ability to maintain a low inflation rate is a long-term measure of the Feds success. To achieve this, the Feds set a variety of intermediate targets including monetary aggregates, reserve aggregates, and interest rates to gauge the impact of its policies on the economy. The actions that the Feds take today influence the economy and the inflation rate over a long time. For that reason, policymakers must consider the long-and short-term effects of achieving any one goal. Beyond influencing the level of prices and the level of output in the near term, the Federal Reserve can contribute to financial stability and better economic performance by limiting the scope of financial disruptions and preventing their spread outside the financial sector.

Supervisory and Regulating

Although the terms bank supervision and bank regulation are often used interchangeably, they actually refer to distinct, but complementary activities. The Federal Reserve has supervisory and regulatory authority over a wide range of financial institutions and activities. It works with other Federal and State authorities to ensure safety and soundness in the operations of financial institutions, stability in the financial markets, and fair and equitable treatment of consumers in their financial transactions.

Bank supervision involves the monitoring, inspecting, and examining of banking organizations to assess their condition and their compliance with relevant laws and regulation. When an institution is found to be in noncompliance or to have other problems, the Federal Reserve may use its supervisory authority to take formal or informal action to have the institution correct the problems. Bank, regulations, entails making and issuing specific regulations and guidelines governing the structure and conduct of banking, under the authority of legislation.

The Federal Reserve shares supervisory and regulatory responsibilities with the office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) at the federal level, with the banking authorities for the international operations of U.S. banks and the operations of foreign banks in the United States. This structure has evolved partly out of the complexity of the U.S. financial system with its many kinds of depository institutions and numerous chartering authorities. It has also resulted from a wide variety of federal and state laws and regulations designed to remedy problems that the U.S. commercial banking system has faced over its history.

Maintaining the Stability of the Financial System

The Federal Reserves system of operation is such that it in itself maintains the stability of the Financial System. The body and function of the system allow for the integrity and stability of the U.S. money supply and maintains a system of checks and balances. The policies in which the Federal Reserve operate under, function to serve as a tool for stability. These policies some of which include the Banking System, Monetary Policy, Fiscal Policy, Payment System, Taxes, and the Rules and Regulations set forth for banking, all play a role in maintaining a stable financial system.

The Employment Act of 146 is a landmark in American economic legislation. It commits the Federal Government to take action through monetary and fiscal policy in order to maintain economic stability.

The Council of Economic Advisers (CEA) and The Joint Economic Committee (JEC) are the executive branches set up to regulate this act. Their job is to advise and assist the president on economic matters of national interest. The president is then required to submit an annual report to Congress that describes the state of the economy and recommend policies to stabilize it.

The Fiscal Policy is discretionary, meaning that changes in government spending and taxes are at the option of the Federal Government. Taxes, serve as stabilizers. They can be inflated or reduced to help stabilize the economy.

Provision of Financial Services

The Reserve bank serves primarily audiences- Bankers, the U.S. Treasury, and the Public. As banks for the U.S. government, Reserve banks process the Treasurys payments, sell its securities, and assist with its cash management and investment activities. The Fed also distributes currency, and coins, process checks, and offer electronic forms of payment. Finally, Reserve banks conduct research and the National and Regional economies, prepare Reserve bank Presidents for their participation in the Federal Open Market Committee (FOMC) and dissemination information about the economy through publications, speeches, educational workshops and websites.

Reserve banks are often called the "bankers bank" because they store commercial banks excess, and serve as the lender of last resort for these same banks. Through its discount window, the Fed lends money to banks so that a shortage of funds at one institution does not disrupt the flow of money and credit in the entire banking system. The Fed typically makes loan to satisfy a banks unanticipated needs for short-term funds; but the Fed also make longer-term loans to help banks manage seasonal fluctuations in their customers deposit or credit demands.

The Feds also compete with the private sector in its financial services to foster competition in the marketplace and promote innovation and efficiency in the payments system. It does not seek to make a profit from its participation; it sets prices only to recover costs.

The Regional Reserve Banks are responsible for meeting public demand for currency and coins within their districts. The Reserve banks primary responsibility in providing this service is to ensure that fluctuations in the demand for currency and coin do not disrupt the banking industry.

To improve the payment systems, regional Reserve banks introduce new services and enhance old ones.

Federal Reserve banks maintains accounts for the U.S. Treasury, process government checks, postal money orders and U.S. savings bond, and collects Federal tax deposits. Certain Reserve banks also sell new Treasury securities service, outstanding issues, and redeem maturing issues. When the Treasury offers new issues of marketable securities to the public, certain Reserve banks disseminate information about the issues, process orders from customers, collect payments, credit the Treasurys account for the proceeds and deliver the securities. In recent years, the Fed and the U.S. Treasury have introduced electronic processing and delivery in many of these services.

In summarizing, the Federal Reserves ability to conduct monetary policies, supervise banks and provide financial services illustrates the complex yet effective function of the system. What becomes apparent, are not only how important these functions are, but also how effective they are in maintaining the goals of the Central Banking System. It was financial crises, which lead to the creation of the Federal Reserve, and it is a financial crisis that it is now best prepared to handle.

Through the combined efforts of the Board of Governors, Reserve Bank, and FOMC, the Federal Reserve is in a strong position to make monetary policy, provide a safe banking system, and contribute to an effective banking and payment system, all of which help to maintain a healthy economy.

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The Liberation Tigers of Tamil Eelam and the Sri Lankan GovernmentCauses of the war and of the peace

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Introduction

The past twenty years in Sri Lanka has been wrought with war between the government and the Liberations Tigers of Tamil Eelam. Over 60,000 people have died, and the economy and homeland of the Tamil people has suffered greatly. The conflict began in the 150s when the Sinhalese had the perception that the Tamil had too large of a roll in the government, and then managed to nearly remove Tamil influence (although the make up ~0% of the Sri Lankan population). With the governments refusal to bring things into balance, Tamil militant groups began to demand their own nation. The current situation in Sri Lanka is no longer war. For the past for months there has been a cease fire that both sides have recognized.

This paper will further discuss the historical background that led to these twenty years of civil war, and then analyze why previous attempts at peace have failed. Finally, it will discuss why the current cease fire is lasting longer than the others, and what must still be done to ensure permanent peace in Sri Lanka.

Historical Background

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During the British Colonial period, there was an English speaking elite governing Sri Lanka. This group consisted of both the Tamil and Sinhalese people. In the southern areas, the local Sinhala speaking elites saw the English speaking government as a barrier to their advancement. Also, they felt that there were a disproportionately high number of Tamils in this government. In the 156 election, these local elites defeated the United National Party, and attempted to correct the perceived unfair advantages of the Ceylon Tamils. In the coming years, several actions were taken to reduce the number of Tamil people in the government

- The official government language was changed to Sinhala

- The removal of schools from the control of private bodies (which caused schools in Tamil control to lose funding)

- The introduction of ethnic quotas for university entrance, which prevented qualified Tamils from attaining an education

In response to these actions, the Tamil people made several requests of the government

- A federal constitution;

- Equality of status for the Tamil and Sinhala languages

- Granting of citizenship to the Up-country Tamils

- Halt to government-sponsored Sinhalese resettlement in what were seen as traditional Tamil speaking areas

With the government not acting on their agreements or demands, the Tamil people saw a separate state as their only hope.

Tensions continued to grow, and in 18 war broke out when the Liberation Tigers of Tamil (LTTE) ambushed and killed 1 soldiers. India attempted some peacemaking exercises, which resulted in the Indo-Lanka Accord of July 187. This accord was signed by the governments of Sri Lanka and India, and appeared to meat several of the LTTE grievances. The LTTE, however, saw this as a betrayal of India (Where many Tamil people live), and more killing resulted. The Indian Peace Keeping Force (IPKF), which was deployed as part of the accord, was soon caught up in war with the LTTE and was finally withdrawn.

Peace talks between the government and the LTTE began in 18, but lasted only briefly, ending when the LTTE attacked police posts in the east.

In 14, the Peoples Alliance Coalition (PA) government came to power, promising sincere efforts for peace. In early 15, fighting ceased while peace talks began. The PA reduced economic sanctions on the north. In mid April, the LTTE declared the government to be evasive and non-committal, and the next day they violated the agreement by launching suicide attacks on two gunboats of the Sri Lankan Navy.

In the coming years, the Sri Lankan government attempted to modify the constitution to appease the LTTE, but nothing ever came of it.

In 00, Norwegian mediators helped the LTTE and the Sri Lankan government agree to a permanent ceasefire (a Memorandum of Understanding), ending 0 years of fighting after 60,000 deaths. The Tamil acceptance of the ceasefire was contingent upon the lifting of sanctions and the removal of a ban on fishing. Although there is not currently any major fighting, the two sides still have many issues to discuss before peace is truly reached.

Causes of the Outbreak of War in 18

The reasons for the outbreak of war in 18 were quite obvious. The militant Tamil people were facing a government unwilling to consider their requests. After years rule under the Sinhalese, they faced reduced opportunities for education, and little representation in government even though they made up almost 0% of the population. War continued because the Sri Lankan government sought mostly to do the minimum to make the militants go away. They did this by military action, economic sanctions, and peace talks all simultaneously. The economic sanctions did little to persuade the LTTE because they saw them as yet another example of being repressed by the government.

Failure of the 18 Peacemaking efforts

Although the Indo-Lanka Accord of 187 appeared to address several Tamil grievances (such as the recognition of Tamil as an official language and offered a system of devolution (transfer of power to local units)), it was made and signed without the input of the LTTE. Furthermore, the LTTE saw this Accord as a betrayal because many Tamil people reside in India and because it was made without their input. When the Indian Peace Keeping Force (IPKF) arrived in order to enforce the cease fire, they immediately engaged with the LTTE and were later withdrawn. Without them, negotiations quickly broke down as the LTTE began preparing for war.

Failure of the 15 peacekeeping efforts

There were several reasons that contributed to the rapid breakdown of the cease fire. One of the main reasons was that each side (the LTTE and the PA government) had distinctly different goals in the peacemaking process. While the government wanted to work on a political package to solve the ethnic conflict, the LTTE wanted to discuss reconstruction and rehabilitation of their homeland. Also contributing was that fact that both sides felt the other side was unwilling to budge. There are several other theories on why these talks failed

-That both the LTTE and the military used the period of peace to re-arm and regroup

-That the government sought merely to establish a favorable impression among the international community to secure economic assistance

Another possibility for the sudden breakdown was that the LTTE saw the negotiations as a trap. Instead of trying to deal with the LTTEs problems, the LTTE felt the government was just trying to get them out of the way. In part, this is true because while for the LTTE the war was meant to bring back and keep their way of life, the government saw the war as an activity interfering with its other duties. Because of this perceived trap, the LTTE attempted to develop first strike capability, which explains why they suddenly ended the negotiations with several surprise attacks.

Current peacekeeping efforts

The current situation is more likely to succeed than previous attempts at peace. Both sides finally realized they will have to compromise, and are willing to discuss issues important to the other side. For example, the Sri Lankan government lifted the seven year embargo on food and medicine into the rebel controlled northern territory. They also removed restrictions on fishing in these territories. The fact that the Sri Lankan government did these things before the signing of the agreement went a long way towards showing the LTTE that this was a sincere effort.

The presence of an international support is also greatly increasing the chances of success. The presence of Norway acting as a mediator in the fabrication of the Memorandum of Understanding helped both sides realize that sacrifices would have to be made. The presence of international monitors in the months following cease fire is also prevented both sides from taking advantage of the peace in order to prepare for a military assault.

In order for negotiations to succeed, both sides must have a sincere trust in the other. To this end, the Lankan government has showed that this is a sincere effort by removing the embargos and limits on fishing. The LTTE have not demonstrated a similar effort as of yet. Most of the burden is on the government, however, ???as for the LTTE the only was they know is war, and have no experience in creating a working peace agreement. As stated in Democracy and Deep-Rooted Conflict Options for Negotiators in deep-rooted conflict, parties who come to the negotiation table carry with them an abiding experience of conflict, struggle and war. The exercise of force has been their dominant, perhaps only, mode of engagement. The key challenge in process design is to invert that experience, to get the contenders focused on fears, concerns and interests and the importance of reconciling them, on issues and the importance of resolving them. An effective process is one that will prove itself resilient and durable in the face of delays, deadlocks, walkouts, continuing violence, raised hopes, false expectations and angry words.

Conclusion

Although previous attemps at peace in Sri Lanka have been made, the current situation seems much more promising. The Sri Lankan government has shown a sincere effort to meet some Tamil demands, and the presence of an international mediator has prevented further fighting.

Please note that this sample paper on The Liberation Tigers of Tamil Eelam and the Sri Lankan GovernmentCauses of the war and of the peace is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on The Liberation Tigers of Tamil Eelam and the Sri Lankan GovernmentCauses of the war and of the peace, we are here to assist you. Your persuasive essay on The Liberation Tigers of Tamil Eelam and the Sri Lankan GovernmentCauses of the war and of the peace will be written from scratch, so you do not have to worry about its originality.

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The importance of noncomformity

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The Importance of Nonconformity

The proposals presented in both Henry David Thoreaus "Civil Disobedience" and Mark Twains "The Adventures of Huckleberry Finn" depict similar positions and ideas on the moral and ethical inferences for both the individual and society. In "Civil Disobedience," Thoreau presented many radical and distinct suggestions on what the government, democracy, and society should ethically instill upon individuals. Mark Twain also explored this idea of contrary morals and ethics through the adventures of his rebellious character, Huckleberry Finn. Henry David Thoreau and Mark Twain share many similar concepts reflecting on the morals and ethics that are classified between the individual and society. Both writers stress the importance of the individuals personal beliefs and perseverance for freedom, as Thoreau discusses the implications of government, and Twain describes the adventures taken against slavery and society.

One of the most important themes throughout Thoreaus work is the notion of individualism. Thoreau held a negative stance on the existing democratic government system that was unparallel to mainstream society. He believed democracy to be corrupt and immoral since it valued the majoritys opinion, rather than the intellectual or honorable views of individuals. He rejected the idea that a person must adapt his own values out of loyalty to his own government. He thought that democracy was ultimately about compromise when he asked "can there not be a government in which majorities do not virtually decide right and wrong, but conscience?"(15). Thoreau recognized that people accept the decision of the majority and tend to conform to the judgments of others. In his extreme perception, Thoreau asks people to remove themselves from the government when they believe they are being asked to do something wrong. In fact, he suggests in his work "Civil Disobedience," "that government is best which governs least" (14). Thoreau knew that not everybody was going to follow his individualistic values, therefore he stated, "I ask for, not at once no government but at once a better

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government"(15).Thoreau believed that a person is ultimately responsible for himself alone and can and should see himself as independent of his society and government.

Comparable to the ideals of Henry Thoreau was that of Mark Twain, author of "The Adventures of Huckleberry Finn." The themes of individualism and independence are woven throughout Twains entire novel. The character of Huckleberry Finn was portrayed as a defiant and disobedient young boy courageous and fearless of societys regulations and expectations. Twain proficiently describes Huckleberrys values and attitudes toward society by illustrating his journey with the slave Jim and his continuous reluctance to return to "sivilized society." Huck expressed his negative outlook on conventional civilization as he wanted to "light out for the Territory ahead of the rest because Aunt Sallys going to adopt [him] and sivilize [him] and [he] cant stand it" (8). Despite immense pressure from the majority (or society) imposed on Huck, he still pursued his own morals and ambitions. His self-sufficient views on slavery were conveyed when Huck said to Jim, "people would call me a low down Abolitionist and despite me for keeping my mum- but…I aint agoing to tell, and I aint agoing back there anyways" (51). Here, Huck decides to keep his word to Jim in spite of the dictates of society. This acceptance of Jim also foreshadows Hucks later set of values when he defies society for the sake of his friendship with Jim. The concept of individual versus society is explicitly represented as Huck expressed his personal morals and beliefs unconcerned with the acceptable principles of conservative society.

Of the many themes which ran throughout the novel, the most predominant is the conflict between society and the individual. Both Thoreau and Twain examine the distinctions between individuals personal beliefs, as opposed to societies accepted values. This concept receives its dramatic climax in Twains novel when Huck ultimately tells society to "go to hell." Huckleberry Finn carried out the same actions that Thoreau stressed in his writing. Thoreau argued that government should be based on conscience and citizens should stop associating with the majoritys principles, especially if theyre unlike those of individuals personal beliefs. Thus, Henry David Thoreau shared the same ideals on the individual and personal freedom as Mark Twain did.

Please note that this sample paper on the importance of noncomformity is for your review only. In order to eliminate any of the plagiarism issues, it is highly recommended that you do not use it for you own writing purposes. In case you experience difficulties with writing a well structured and accurately composed paper on the importance of noncomformity, we are here to assist you. Your cheap research papers on the importance of noncomformity will be written from scratch, so you do not have to worry about its originality.

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