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EFFICIENT: The state of resource allocation the exists when the highest level of consumer satisfaction is achieved from the available resources. Competitive markets, absent of any market failure and especially market control by either side, is efficient. In particular, this feat is accomplished when the price buyers are willing and able to pay for a good--based on the satisfaction obtained--is equal to the price sellers need to charge for a good--based on the opportunity cost of production. In other words, the value (satisfaction) of stuff given up to get a good is the same as the value (satisfaction) of the good produced. Satisfaction won't increase by producing more of either.
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                           COMPTROLLER OF THE CURRENCY: An agency of the U.S. Federal government responsible for chartering national banks. In other words, anyone wanting to establish a bank with the word "national" in the title must gain permission from the Office of the Comptroller of the Currency (OCC). The Comptroller is also responsible for regulating banks and might even assume control of a bank that is in serious trouble (that is, on the verge of failure). Although the term "currency" appears in the title, the Office of the Comptroller of the Currency is primarily a bank regulator and has almost nothing to do with the nation's "currency." The OCC was established in 1863 as a bureau of the U.S. Department of the Treasury and is located in Washington, D.C. The Office of the Comptroller of the Currency (OCC) is managed by the Comptroller, who is appointed by the President and confirmed by the Senate for a five-year term. The Comptroller also serves as a director for the Federal Deposit Insurance Corporation (FDIC).A Bit of History- The impetus for the Comptroller of the Currency came about when the Secretary of the Treasury recommended the establishment of a system of federally chartered national banks in 1861.
- The National Currency Act, passed in 1863 and signed by President Abraham Lincoln, established the OCC as a bureau of the U.S. Department of the Treasury.
- The main goal of the new agency was to ensure that each bank would have the power to issue standardized national bank notes based on United States bonds held by the bank (national banks no longer issue currency).
- The law was completely rewritten and re-enacted as the National Bank Act in 1864. The act also gave the Comptroller authority to regulate lending and investment activities of national banks.
FundingAs an independent agency, the OCC does not receive funds from the government. The OCC is funded primarily by assessments on national banks. That is, national banks pay for their examinations and for OCC processing of corporate applications. The OCC also receives revenue from investment income, primarily from ownership of U.S. Treasury securities.Main ActivitiesThe chief responsibilities of the OCC are:- First, it charters, regulates, and supervises all national banks.
- Second, it supervises the federal branches and agencies of foreign banks.
- Third, it supervises the international activities of national banks through an office in London.
The Power of the OCCThe OCC is a powerful government agency when it comes to the banking business. The OCC issues rules, legal interpretations, and corporate decisions concerning banking, bank investments, bank community development activities, and other aspects of bank operations. In particular, the OCC can:- Examine the financial structure, balance, sheets, income statements, and overall operation of banks.
- Approve or deny applications for new charters, branches, capital, or other changes in the corporate or banking structure.
- Take supervisory actions against banks that do not comply with laws and regulations.
- Remove officers and directors, negotiate agreements to change banking practices, and issue cease and desist orders as well as impose civil monetary penalties.
- Issue rules and regulations governing bank investments, lending, and other practices.
Recommended Citation:COMPTROLLER OF THE CURRENCY, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 5, 2024].
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Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a birthday greeting card for your aunt or a wall poster commemorating the moon landing. Be on the lookout for infected paper cuts.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
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"Advice is like snow ‚ the softer it falls, the longer it dwells upon and the deeper it sinks into the mind. " -- Samuel Taylor Coleridge, poet
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WTO
World Trade Organization
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