Chapters 11 & 12 - Concepts Flashcards
The US Congress is limited to legislative power within its (1) and (2) rights. Taking greater power had largely to do with (3). The Commerce Clause has come to be regarded as a kind of substitute (4) to legislate (5).
- enumerated
- implied
- FDR’s New Deal
- police power
- public welfare
Gonzales v. Raich sanctioned Congress’ authority to regulate (1) under the Commerce Clause. Congress’ other power is its (2). Congress relies on regulatory agencies to write (3) to supplement (4).
- medical marijuana
- spending power
- specific rules
- statutes
The (1) sought to prevent monopolies and conspiracies in restraint of trade, while the (2) and (3) further refined it, largely by limiting discrimination in pricing. The (4) was also established to help enforce federal antitrust laws.
- Sherman Antitrust Act
- Clayton Act of 19143.
- Robinson-Patman Act of 1936
- Federal Trade Commission
3 ways the FTC can enforce antitrust laws
- cease and desist orders (after investigation and right to contest the matter)
- civil suits in federal court (agency, state, private party)’
- US Attorneys can bring criminal prosecution (felonies)
2 famous monopoly cases
- AT&T
2. Microsoft (OS and software)
In McCulloch v. Maryland, the SC upheld Congress’s authority to establish a (1) based on numerous implied powers, including the (2). This created the foundation for the (3), the Federal Deposit Insurance Corporation, and (4).
- central bank
- power to coin money
- Federal Reserve System
- federal regulation of the banking industry
The Federal Reserve System is this nation’s (1) and determines (2) by adjusting interest rates to keep the economy smooth. This is led by a (3) whose members are nominated by the President and affirmed by the Senate and whose head is the (4).
- central bank
- monetary policy
- seven-member Board of Governors
- Chair of the Federal Reserve Board
The (1) and (2) were enacted to reestablish faith in public offerings of securities after the Great Depression stock market crash.
- Securities Act of 1933
2. Securities Exchange Act of 1934
Congress has delegated much of its authority to the (1) by way of (2), which are headed by (3).
- executive branch
- agencies
- presidential appointees
Another taken power of the exec. branch is (1). These can only be stopped by (2) within (3). But they are also only valid during the (4). (5) holds the record for the number of these (during New Deal). Two modern examples are the (6) and (7).
- executive orders
- Congress
- 30 days
- president’s term
- FDR
- DREAM Act
- delay of Affordable Care Act
The (1) was instated to protect consumers by cutting out monopolies; the (2) bolstered this by regulating prices. There was talk that the former existed to take down (3). The (4) prohibited lowering prices to run others out of business. (5) is exempt from antitrust acts because “personal effort is not a subject of commerce.”
- Sherman Antitrust Act
- Clayton Act
- Rockefeller
- Robinson-Patman Act
- Baseball
3 steps of enforcement for antitrust acts
- cease & desist
- civil suit (compensatory, triple-punitive)
- criminal prosecution
The (1) sets interest rates and was created to provide for establishment of (2). It is anti-constitution because it (3) which is a power of Congress.
- Federal Reserve
- federal banks
- coins money
4 things the Federal Reserve does as an independent central bank
- decisions do not have to be ratified
- buys and sells securities
- adjusts discount rates
- sets interest rates
Securities legislation seeks to ensure (1) receive (2). The (3) insures up to $250,000 per account. The Truth in Lending Act protects (4) with disclosure of (5). The Community Reinvestment Act in part prevents (6)–selective distribution of loans. The (7) was the $700 bailout to banks. TARP closely followed to bail out investment and insurance firms, and (8).
- investors
- truthful information
- Federal Deposit Insurance Corporation
- borrowers
- terms of loans
- redlining
- Economic Stabilization Act
- car companies
