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The World Bank was created at the 1944 Bretton Woods Conference, along with the International Monetary Fund (IMF). The president of the World Bank is traditionally an American. [12] The World Bank and the IMF are both based in Washington, D.C., and work closely with each other.
Crowd at New York's American Union Bank during a bank run early in the Great Depression. During the Crash of 1929 preceding the Great Depression, margin requirements were only 10%. [200] Brokerage firms, in other words, would lend $9 for every $1 an investor had deposited. When the market fell, brokers called in these loans, which could not be ...
In 1791, U.S. Treasury Secretary Alexander Hamilton created the Bank of the United States, a national bank intended to maintain American taxes and pay off foreign debt. [2] However, President Andrew Jackson closed the bank in 1832 and redirected all bank assets into U.S. state banks. [2]
From Buildings and Loans to Bail-Outs: A History of the American Savings and Loan Industry, 1831–1995 (Cambridge University Press, 2004). Meltzer, Allan H. A History of the Federal Reserve (2 vol. U of Chicago Press, 2010). Murphy, Sharon Ann. Other People's Money: How Banking Worked in the Early American Republic (2017) online review
The Bank of North America was granted a monopoly on the issue of bills of credit as currency at the national level. Prior to the ratification of the Articles of Confederation & Perpetual Union, only the States had sovereign power to charter a bank authorized to issue their own bills of credit. Afterwards, Congress also had that power. Robert ...
Between 2004 and 2013, the World Bank committed to lend or give at least $338 billion, according to bank data. Its private-lending affiliate, the International Finance Corporation, committed to invest at least $116 billion during the same period in corporations and other banks in pursuit of the overall goal of alleviating poverty.
Jim Yong Kim, a Korean-American physician known for his work fighting AIDS in Africa, became the first World Bank president whose background wasn’t in finance or politics. Two decades before, Kim had joined protests in Washington, D.C., calling for the World Bank to be shut down altogether for valuing indicators like economic growth over ...
The World Bank Institute is the capacity development branch of the World Bank, providing learning and other capacity-building programs to member countries. The IBRD has 189 member governments, and the other institutions have between 153 and 184. [2] The institutions of the World Bank Group are all run by a board of governors meeting once a year ...