Lessons From The Past: How Presidential Politics Can Affect Your Bank Accounts

, banks could not count on any emergency reserves if customers all withdrew their funds at once.

We’re still feeling the effects of Wilson’s policy every day. Due to the stability offered by the Federal Reserve, only two banks have failed in 2020, despite this year’s pandemic-related economic troubles. Compare this to the more than 600 bank failures per year between 1921 and 1929, prior to the Great Depression.

The federal funds rate also may affect the rates financial institutions charge on loans, such as mortgages, auto loans, credit cards and the like. However, individual credit history and other factors also can affect these rates.Franklin D. Roosevelt signed the Banking Act of 1933 into law within his first 100 days of taking office. This legislation, which is often referred to as the Glass-Steagall Act after its sponsors, Senator Carter Glass and Representative Henry B.

Banks also may impose longer holds, but they have the burden of proving that the longer hold is necessary and reasonable. As of June 2020, the Office of the Comptroller of the Currency put the Trump administration’s proposals into effect. These proposals broaden the definition of what constitutes a bank and expand what types of loans offered to low-income borrowers qualify for improved CRA ratings.

“Strengthen and enforce” the Dodd-Frank Act to help ensure equal access to banking. He specifically plans to back criminal penalties for reckless actions by bank executives.

This is election not evil Dems furiously destroying ballots for Trump

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