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As of March 2010, legislators in seven states have introduced legislation which would seek to nullify federal legal tender laws in the state by authorizing payment in gold and silver or a paper note backed 100% by gold or silver; the legislation failed in Colorado and Montana.
He points out that the Fed's control over the long-term interest rates critics have in mind is only indirect. The Fed did raise the short-term interest rate over which it has control (i.e. the federal funds rate), but the long-term interest rate (which usually follows the former) did not increase. [169]
Here's a primer on the debt ceiling and examples of the possible consequences if the United States is unable to pay its debts. MORE: From Social Security to travel: Everything to know about a ...
State anti-usury laws cannot be enforced on nationally chartered banks based in other states; only laws of state in which banks are located apply, and regulation of interest rates on national banks making interstate loans can only be enacted by Congress or the appropriate state legislature: Court membership; Chief Justice Warren E. Burger
Usury laws protect borrowers in many states and some borrowers nationwide from being charged excessively high interest rates. However, state standards for excessive interest vary widely, and ...
The United States Supreme Court has ruled that requiring a person to declare income on a federal income tax return does not violate an individual's right to remain silent, [2] although the privilege may apply to allow the person to refrain from revealing the source of the income. [3]
The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses.
The United States debt ceiling is a legislative limit that determines how much debt the Treasury Department may incur. [23] It was introduced in 1917, when Congress voted to give Treasury the right to issue bonds for financing America participating in World War I, [24] rather than issuing them for individual projects, as had been the case in the past.