Category Archives: Histronomics

HBCU Money™ Histronomics: Martin Luther King, Jr. on African American Owned Banks & Institutions

Posted on February 19, 2013 by hbcumoney | 7 comments

Below is an excerpt rarely mentioned from Martin Luther King, Jr.’s speech “I’ve Been To The Mountaintop” bringing into focus his feelings on the need for African American economic independence and the need for African Americans to support, strengthen, and build strong institutions under their ownership and stewardship. The next day he would be assassinated in Memphis, Tennessee.

It’s all right to talk about “long white robes over yonder,” in all of its symbolism. But ultimately people want some suits and dresses and shoes to wear down here! It’s all right to talk about “streets flowing with milk and honey,” but God has commanded us to be concerned about the slums down here, and his children who can’t eat three square meals a day. It’s all right to talk about the new Jerusalem, but one day, God’s preacher must talk about the new New York, the new Atlanta, the new Philadelphia, the new Los Angeles, the new Memphis, Tennessee. This is what we have to do.

Now the other thing we’ll have to do is this: Always anchor our external direct action with the power of economic withdrawal. Now, we are poor people. Individually, we are poor when you compare us with white society in America. We are poor. Never stop and forget that collectively — that means all of us together — collectively we are richer than all the nations in the world, with the exception of nine. Did you ever think about that? After you leave the United States, Soviet Russia, Great Britain, West Germany, France, and I could name the others, the American Negro collectively is richer than most nations of the world. We have an annual income of more than thirty billion dollars a year, which is more than all of the exports of the United States, and more than the national budget of Canada. Did you know that? That’s power right there, if we know how to pool it.

We don’t have to argue with anybody. We don’t have to curse and go around acting bad with our words. We don’t need any bricks and bottles. We don’t need any Molotov cocktails. We just need to go around to these stores, and to these massive industries in our country, and say, “God sent us by here, to say to you that you’re not treating his children right. And we’ve come by here to ask you to make the first item on your agenda fair treatment, where God’s children are concerned. Now, if you are not prepared to do that, we do have an agenda that we must follow. And our agenda calls for withdrawing economic support from you.”

And so, as a result of this, we are asking you tonight, to go out and tell your neighbors not to buy Coca-Cola in Memphis. Go by and tell them not to buy Sealtest milk. Tell them not to buy — what is the other bread? — Wonder Bread. And what is the other bread company, Jesse? Tell them not to buy Hart’s bread. As Jesse Jackson has said, up to now, only the garbage men have been feeling pain; now we must kind of redistribute the pain. We are choosing these companies because they haven’t been fair in their hiring policies; and we are choosing them because they can begin the process of saying they are going to support the needs and the rights of these men who are on strike. And then they can move on town — downtown and tell Mayor Loeb to do what is right.

But not only that, we’ve got to strengthen black institutions. I call upon you to take your money out of the banks downtown and deposit your money in Tri-State Bank. We want a “bank-in” movement in Memphis. Go by the savings and loan association. I’m not asking you something that we don’t do ourselves at SCLC. Judge Hooks and others will tell you that we have an account here in the savings and loan association from the Southern Christian Leadership Conference. We are telling you to follow what we are doing. Put your money there. You have six or seven black insurance companies here in the city of Memphis. Take out your insurance there. We want to have an “insurance-in.”

Now these are some practical things that we can do. We begin the process of building a greater economic base. And at the same time, we are putting pressure where it really hurts. I ask you to follow through here.

Now, let me say as I move to my conclusion that we’ve got to give ourselves to this struggle until the end. Nothing would be more tragic than to stop at this point in Memphis. We’ve got to see it through. And when we have our march, you need to be there. If it means leaving work, if it means leaving school — be there. Be concerned about your brother. You may not be on strike. But either we go up together, or we go down together.

– Dr. Martin Luther King, Jr. (April 3, 1968)

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Posted in Histronomics

Tagged African American, banks

HBCU Money™ Histronomics: Benjamin Banneker’s Letter to Thomas Jefferson

Posted on December 26, 2012 by hbcumoney | Leave a comment

Maryland, Baltimore County, August 19 1791

Sir,
I am fully sensible of the greatness of that freedom, which I take with you on the present occasion ; a liberty which seemed to me scarcely allowable, when I reflected on that distinguished and dignified station in which you stand, and the almost general prejudice and prepossession, which is so prevalent in the world against those of my complexion.

I suppose it is a truth too well attested to you, to need a proof here, that we are a race of beings, who have long labored under the abuse and censure of the world ; that we have long been looked upon with an eye of contempt ; and that we have long been considered rather as brutish than human, and scarcely capable of mental endowments.

Sir, I hope I may safely admit, in consequence of that report which hath reached me, that you are a man far less inflexible in sentiments of this nature, than many others ; that you are measurably friendly, and well disposed towards us ; and that you are willing and ready to lend your aid and assistance to our relief, from those many distresses, and numerous calamities, to which we are reduced. Now Sir, if this is founded in truth, I apprehend you will embrace every opportunity, to eradicate that train of absurd and false ideas and opinions, which so generally prevails with respect to us ; and that your sentiments are concurrent with mine, which are, that one universal Father hath given being to us all ; and that he hath not only made us all of one flesh, but that he hath also, without partiality, afforded us all the same sensations and endowed us all with the same faculties ; and that however variable we may be in society or religion, however diversified in situation or color, we are all of the same family, and stand in the same relation to him.

Sir, if these are sentiments of which you are fully persuaded, I hope you cannot but acknowledge, that it is the indispensable duty of those, who maintain for themselves the rights of human nature, and who possess the obligations of Christianity, to extend their power and influence to the relief of every part of the human race, from whatever burden or oppression they may unjustly labor under ; and this, I apprehend, a full conviction of the truth and obligation of these principles should lead all to. Sir, I have long been convinced, that if your love for yourselves, and for those inestimable laws, which preserved to you the rights of human nature, was founded on sincerity, you could not but be solicitous, that every individual, of whatever rank or distinction, might with you equally enjoy the blessings thereof ; neither could you rest satisfied short of the most active effusion of your exertions, in order to their promotion from any state of degradation, to which the unjustifiable cruelty and barbarism of men may have reduced them.

Sir, I freely and cheerfully acknowledge, that I am of the African race, and in that color which is natural to them of the deepest dye ; and it is under a sense of the most profound gratitude to the Supreme Ruler of the Universe, that I now confess to you, that I am not under that state of tyrannical thralldom, and inhuman captivity, to which too many of my brethren are doomed, but that I have abundantly tasted of the fruition of those blessings, which proceed from that free and unequalled liberty with which you are favored ; and which, I hope, you will willingly allow you have mercifully received, from the immediate hand of that Being, from whom proceeded every good and perfect Gift.

Sir, suffer me to recall to your mind that time, in which the arms and tyranny of the British crown were exerted, with every powerful effort, in order to reduce you to a state of servitude: look back, I entreat you, on the variety of dangers to which you were expose; reflect on that time, in which every human aid appeared unavailable, and in which even hope and fortitude wore the aspect of inability to the conflict, and you cannot but be led to a serious and grateful sense of your miraculous and providential preservation ; you cannot but acknowledge, that the present freedom and tranquility which you enjoy you have mercifully received, and that it is the peculiar blessing of Heaven.

This, Sir, was a time when you clearly saw into the injustice of a state of slavery, and in which you had just apprehensions of the horrors of its condition. It was now that your abhorrence thereof was so excited, that you publicly held forth this true and invaluable doctrine, which is worthy to be recorded and remembered in all succeeding ages : “We hold these truths to be self-evident, that all men are created equal ; that they are endowed by their Creator with certain unalienable rights, and that among these are, life, liberty, and the pursuit of happiness.” Here was a time, in which your tender feelings for yourselves had engaged you thus to declare, you were then impressed with proper ideas of the great violation of liberty, and the free possession of those blessings, to which you were entitled by nature ; but, Sir, how pitiable is it to reflect, that although you were so fully convinced of the benevolence of the Father of Mankind, and of his equal and impartial distribution of these rights and privileges, which he hath conferred upon them, that you should at the same time counteract his mercies, in detaining by fraud and violence so numerous a part of my brethren, under groaning captivity and cruel oppression, that you should at the same time be found guilty of that most criminal act, which you professedly detested in others, with respect to yourselves.

I suppose that your knowledge of the situation of my brethren, is too extensive to need a recital here ; neither shall I presume to prescribe methods by which they may be relieved, otherwise than by recommending to you and all others, to wean yourselves from those narrow prejudices which you have imbibed with respect to them, and as Job proposed to his friends, “put your soul in their souls’ stead ;” thus shall your hearts be enlarged with kindness and benevolence towards them ; and thus shall you need neither the direction of myself or others, in what manner to proceed herein. And now, Sir, although my sympathy and affection for my brethren hath caused my enlargement thus far, I ardently hope, that your candor and generosity will plead with you in my behalf, when I make known to you, that it was not originally my design ; but having taken up my pen in order to direct to you, as a present, a copy of an Almanac, which I have calculated for the succeeding year, I was unexpectedly and unavoidably led thereto.

This calculation is the production of my arduous study, in this my advanced stage of life ; for having long had unbounded desires to become acquainted with the secrets of nature, I have had to gratify my curiosity herein, through my own assiduous application to Astronomical Study, in which I need not recount to you the many difficulties and disadvantages, which I have had to encounter.

And although I had almost declined to make my calculation for the ensuing year, in consequence of that time which I had allotted therefore, being taken up at the Federal Territory, by the request of Mr. Andrew Ellicott, yet finding myself under several engagements to Printers of this state, to whom I had communicated my design, on my return to my place of residence, I industriously applied myself thereto, which I hope I have accomplished with correctness and accuracy ; a copy of which I have taken the liberty to direct to you, and which I humbly request you will favorably receive ; and although you may have the opportunity of perusing it after its publication, yet I choose to send it to you in manuscript previous thereto, that thereby you might not only have an earlier inspection, but that you might also view it in my own hand writing.

And now, Sir, I shall conclude, and subscribe myself, with the most profound respect,

Your most obedient humble servant,

Benjamin Banneker

HBCU Money™ Histronomics: Second Morrill Act of 1890

Posted on July 12, 2012 by hbcumoney | 1 comment

Act of August 30, 1890, ch. 841, 26 Stat. 417, 7 U.S.C. 322 et seq.

Chap. 841.–AN ACT To apply a portion of the proceeds of the public lands to the more complete endowment and support of the colleges for the benefit of agriculture and the mechanic arts established under the provisions of an act of Congress approved July second, eighteen hundred and sixty-two.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled , That there shall be and hereby is, annually appropriated, out of any money in the Treasury not otherwise appropriated, arising from the sales of public lands; to be paid as hereinafter provided to each State and Territory for the more complete endowment and maintenance of colleges for the benefit of agriculture and the mechanic arts now established, or which may be hereafter established, in accordance with an act of Congress approved July second, eighteen hundred and sixty-two, the sum of fifteen thousand dollars for the year ending June thirtieth, eighteen hundred and ninety, and an annual increase of the amount of such appropriation thereafter for ten years by an additional sum of one thousand dollars over the preceding year, and the annual amount to be paid thereafter to each State and Territory shall be fifty thousand dollars to be applied only to instruction in food and agricultural sciences (1) and to the facilities for such instruction: Provided , That said colleges may use a portion of this money for providing courses for the special preparation of instructors for teaching the elements of agriculture and the mechanic arts: (2) Provided , (3) That no money shall be paid out under this act to any State or Territory for the support and maintenance of a college where a distinction of race or color is made in the admission of students, but the establishment and maintenance of such colleges separately for white and colored students shall be held to be a compliance with the provisions of this act if the funds received in such State or Territory be equitably divided as hereinafter set forth: Provided , That in any State in which there has been one college established in pursuance of the act of July second, eighteen hundred and sixty-two, and also in which an educational institution of like character has been established, or may be hereafter established, and is now aided by such State from its own revenue, for the education of colored students in agriculture and the mechanic arts, however named or styled, or whether or not it has received money heretofore under the act to which this act is an amendment, the legislature of such State may propose and report to the Secretary of Education (4) a just and equitable division of the fund to be received under this act between one college for white students and one institution for colored students established as aforesaid which shall be divided into two parts and paid accordingly, and thereupon such institution for colored students shall be entitled to the benefits of this act and subject to its provisions, as much as it would have been if it had been included under the act of eighteen hundred and sixty-two, and the fulfillment of the foregoing provisions shall be taken as a compliance with the provision in reference to separate colleges for white and colored students. (5)

SEC. 2. (6) That the sums hereby appropriated to the States and Territories for the further endowment and support of colleges shall be annually paid on or before the thirty-first day of October of each year, by the Secretary of the Treasury, upon the warrant of the Secretary of Education, out of the Treasury of the United States, to the State or Territorial treasurer, or to such officer as shall be designated by the laws of such State or Territory to receive the same, who shall, upon the order of the trustees of the college, or the institution for colored students, immediately pay over said sums to the treasurers of the respective colleges or other institutions entitled to the Secretary of Agriculture and to the Secretary of Education, on or before the first day of December of each year, a detailed statement of the amount so received and of its disbursement. The grants of moneys authorized by this act are made subject to the legislative assent of the several States and Territories to the purpose of said grants: Provided , That payments of such installments of the appropriation herein made as shall become due to any State before the adjournment of the regular session of legislature meeting next after the passage of this act shall be made upon the assent of the governor thereof, duly certified to the Secretary of the Treasury.

SEC. 3. (7) That if any portion of the moneys received by the designated officer of the State or Territory for the further and more complete endowment, support, and maintenance of colleges, or of institutions for colored students, as provided in this act, shall by any action or contingency, be diminished or lost, or be misapplied, it shall be replaced by the State or Territory to which it belongs, and until so replaced no subsequent appropriation shall be apportioned or paid to such State or Territory; and no portion of said moneys shall be applied, directly or indirectly, under any pretense whatever, to the purchase, erection, preservation, or repair of any building or buildings. An annual report by the president of each of said colleges shall be made to the Secretary of Agriculture, as well as to the Secretary of Education, regarding the condition and progress of each college, including statistical information in relation to its receipts and expenditures, its library, the number of its students and professors, and also as to any improvements and experiments made under the direction of any experiment stations attached to said colleges, with their cost and results, and such other industrial and economical statistics as may be regarded as useful, one copy of which shall be transmitted by mail free to all other colleges further endowed under this Act.

SEC. 4. (8) That on or before the first day of October in each year, after the passage of this act, the Secretary of Education shall ascertain and certify to the Secretary of the Treasury as to each State and Territory whether it is entitled to receive its share of the annual appropriation for colleges, or of institutions for colored students, under this act, and the amount which thereupon each is entitled, respectively, to receive. If the Secretary of Education shall withhold a certificate from any State or Territory of its appropriation the facts and reasons therefor shall be reported to the President, and the amount involved shall be kept separate in the Treasury until the close of the next Congress, in order that the State or Territory may, if it should so desire, appeal to Congress from the determination of the Secretary of Education. If the next Congress shall not direct such sum to be paid it shall be covered into the Treasury. And the Secretary of Health, Education, and Welfare is hereby charged with the proper administration of this law. (9)

SEC. 5. (10) There is authorized to be appropriated annually for payment to the Virgin Islands, American Samoa, (11) Guam, the Northern Mariana Islands, and the Trust Territory of the Pacific Islands (other than the Northern Mariana Islands) the amount they would receive under this Act if they were States. Sums appropriated under this section shall be treated in the same manner and be subject to the same provisions of law, as would be the case if they had been appropriated by the first sentence of this Act.

SEC. 6. (12) Congress may at any time amend, suspend, or repeal any or all of the provisions of this Act.

(1) The National Agricultural Research, Extension, and Teaching Policy Act Amendments of 1981, Public Law 97-98, 95 Stat. 1306, section 1421(a), amended the first section by deleting the words “agriculture, the mechanic arts,” and all that follows through “industries of life” and inserting in lieu thereof the words “food and agricultural sciences”.

(2) 7 U.S.C. 322. The Act of March 4, 1907, ch. 2907, 34 Stat. 1281, increased the amount appropriated annually from $25,000 to $50,000 and added the proviso.

(3) 7 U.S.C. 323.

(4) The words “Secretary of Education” are inserted on authority of the Department of Education Organic Act, Public Law 96-85, section 310, 93 Stat. 677. The Agriculture and Food Act of 1981, Public Law 97-98, 95 Stat. 1306, section 1419, transferred to the Secretary of Agriculture all the functions and duties of the Secretary of Education under the Act of August 30, 1890.

(5) The National Agricultural Research, Extension, and Teaching Policy Act Amendments of 1981 , Public Law 97-98, 95 Stat. 1312, section 1433, provided authority to award grants to upgrade 1890 land-grant college research facilities.

(6) 7 U.S.C. 324. The proviso at the end of section 2 is omitted from U.S.C. For authority for insertion of “Secretary of Education”, see footnote 4. The Act of April 21, 1976, Public Law 94-273, 90 Stat. 378, section 9(l), substituted the words “October” and “December” for the words “July” and “September”.

(7) 7 U.S.C. 325. For authority for insertion of “Secretary of Education”, see footnote 4.

(8) 7 U.S.C. 326. The Act of April 21, 1976, Public Law 94-273, 90 Stat. 376, section 3(l), deleted “July” and inserted “October”. For authority for insertion of “Secretary of Education”, see footnote 4.

(9) 7 U.S.C. 321. For authority for insertion of “Secretary of Education”, see footnote 4.

(10) 7 U.S.C. 326a. Added by the Act of June 23, 1972, Public Law 92-318, 86 Stat. 350, section 506(c). Original section 5 of the Act of August 30, 1890, with respect to annual reports by the Secretary of the Interior was repealed by the Act of May 29, 1928, 45 Stat. 99, section 74.

(11) Amended by the Education Amendments of 1980, Public Law 96-374, 94 Stat. 1502, section 1361(b), to add “American Samoa, and Micronesia”. Further amended by the Act of August 27, 1986, Public Law 99-396, 100 Stat. 840, section 9(b), to delete “and Micronesia, and Guam” and insert “Guam, the Northern Mariana Islands, and the Trust Territory of the Pacific Islands (other than the Northern Mariana Islands)”.

(12) 7 U.S.C. 328.

Source: U.S. Department of Agriculture

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HBCU Money™ Histronomics: H.R. 40 – Commission to Study Reparation Proposals for African Americans Act

Posted on June 28, 2012 by hbcumoney | Leave a comment

The bill was written and introduced by Congressman John Conyers (D-MI) in January 1989. It was been met with resistance by both Democrats and Republicans.

A BILL

To acknowledge the fundamental injustice, cruelty, brutality, and inhumanity of slavery in the United States and the 13 American colonies between 1619 and 1865 and to establish a commission to examine the institution of slavery, subsequently de jure and de facto racial and economic discrimination against African-Americans, and the impact of these forces on living African-Americans, to make recommendations to the Congress on appropriate remedies, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Commission to Study Reparation Proposals for African-Americans Act’.

SEC. 2. FINDINGS AND PURPOSE.

(a) Findings- The Congress finds that–

(1) approximately 4,000,000 Africans and their descendants were enslaved in the United States and colonies that became the United States from 1619 to 1865;

(2) the institution of slavery was constitutionally and statutorily sanctioned by the Government of the United States from 1789 through 1865;

(3) the slavery that flourished in the United States constituted an immoral and inhumane deprivation of Africans’ life, liberty, African citizenship rights, and cultural heritage, and denied them the fruits of their own labor; and

(4) sufficient inquiry has not been made into the effects of the institution of slavery on living African-Americans and society in the United States.

(b) Purpose- The purpose of this Act is to establish a commission to–

(1) examine the institution of slavery which existed from 1619 through 1865 within the United States and the colonies that became the United States, including the extent to which the Federal and State Governments constitutionally and statutorily supported the institution of slavery;

(2) examine de jure and de facto discrimination against freed slaves and their descendants from the end of the Civil War to the present, including economic, political, and social discrimination;

(3) examine the lingering negative effects of the institution of slavery and the discrimination described in paragraph (2) on living African-Americans and on society in the United States;

(4) recommend appropriate ways to educate the American public of the Commission’s findings;

(5) recommend appropriate remedies in consideration of the Commission’s findings on the matters described in paragraphs (1) and (2); and

(6) submit to the Congress the results of such examination, together with such recommendations.

SEC. 3. ESTABLISHMENT AND DUTIES.

(a) Establishment- There is established the Commission to Study Reparation Proposals for African-Americans (hereinafter in this Act referred to as the ‘Commission’).

(b) Duties- The Commission shall perform the following duties:

(1) Examine the institution of slavery which existed within the United States and the colonies that became the United States from 1619 through 1865. The Commission’s examination shall include an examination of–

(A) the capture and procurement of Africans;

(B) the transport of Africans to the United States and the colonies that became the United States for the purpose of enslavement, including their treatment during transport;

(D) the treatment of African slaves in the colonies and the United States, including the deprivation of their freedom, exploitation of their labor, and destruction of their culture, language, religion, and families.

(2) Examine the extent to which the Federal and State governments of the United States supported the institution of slavery in constitutional and statutory provisions, including the extent to which such governments prevented, opposed, or restricted efforts of freed African slaves to repatriate to their homeland.

(3) Examine Federal and State laws that discriminated against freed African slaves and their descendants during the period between the end of the Civil War and the present.

(4) Examine other forms of discrimination in the public and private sectors against freed African slaves and their descendants during the period between the end of the Civil War and the present.

(5) Examine the lingering negative effects of the institution of slavery and the matters described in paragraphs (1), (2), (3), and (4) on living African-Americans and on society in the United States.

(6) Recommend appropriate ways to educate the American public of the Commission’s findings.

(7) Recommend appropriate remedies in consideration of the Commission’s findings on the matters described in paragraphs (1), (2), (3), and (4). In making such recommendations, the Commission shall address among other issues, the following questions:

(A) Whether the Government of the United States should offer a formal apology on behalf of the people of the United States for the perpetration of gross human rights violations on African slaves and their descendants.

(B) Whether African-Americans still suffer from the lingering effects of the matters described in paragraphs (1), (2), (3), and (4).

(C) Whether, in consideration of the Commission’s findings, any form of compensation to the descendants of African slaves is warranted.

(D) If the Commission finds that such compensation is warranted, what should be the amount of compensation, what form of compensation should be awarded, and who should be eligible for such compensation.

(c) Report to Congress- The Commission shall submit a written report of its findings and recommendations to the Congress not later than the date which is one year after the date of the first meeting of the Commission held pursuant to section 4(c).

SEC. 4. MEMBERSHIP.

(a) Number and Appointment- (1) The Commission shall be composed of 7 members, who shall be appointed, within 90 days after the date of enactment of this Act, as follows:

(A) Three members shall be appointed by the President.

(B) Three members shall be appointed by the Speaker of the House of Representatives.

(2) All members of the Commission shall be persons who are especially qualified to serve on the Commission by virtue of their education, training, or experience, particularly in the field of African-American studies.

(b) Terms- The term of office for members shall be for the life of the Commission. A vacancy in the Commission shall not affect the powers of the Commission, and shall be filled in the same manner in which the original appointment was made.

(c) First Meeting- The President shall call the first meeting of the Commission within 120 days after the date of the enactment of this Act, or within 30 days after the date on which legislation is enacted making appropriations to carry out this Act, whichever date is later.

(d) Quorum- Four members of the Commission shall constitute a quorum, but a lesser number may hold hearings.

(e) Chair and Vice Chair- The Commission shall elect a Chair and Vice Chair from among its members. The term of office of each shall be for the life of the Commission.

(f) Compensation- (1) Except as provided in paragraph (2), each member of the Commission shall receive compensation at the daily equivalent of the annual rate of basic pay payable for GS-18 of the General Schedule under section 5332 of title 5, United States Code, for each day, including travel time, during which he or she is engaged in the actual performance of duties vested in the Commission.

(2) A member of the Commission who is a full-time officer or employee of the United States or a Member of Congress shall receive no additional pay, allowances, or benefits by reason of his or her service to the Commission.

(3) All members of the Commission shall be reimbursed for travel, subsistence, and other necessary expenses incurred by them in the performance of their duties to the extent authorized by chapter 57 of title 5, United States Code.

SEC. 5. POWERS OF THE COMMISSION.

(a) Hearings and Sessions- The Commission may, for the purpose of carrying out the provisions of this Act, hold such hearings and sit and act at such times and at such places in the United States, and request the attendance and testimony of such witnesses and the production of such books, records, correspondence, memoranda, papers, and documents, as the Commission considers appropriate. The Commission may request the Attorney General to invoke the aid of an appropriate United States district court to require, by subpoena or otherwise, such attendance, testimony, or production.

(b) Powers of Subcommittees and Members- Any subcommittee or member of the Commission may, if authorized by the Commission, take any action which the Commission is authorized to take by this section.

(c) Obtaining Official Data- The Commission may acquire directly from the head of any department, agency, or instrumentality of the executive branch of the Government, available information which the Commission considers useful in the discharge of its duties. All departments, agencies, and instrumentalities of the executive branch of the Government shall cooperate with the Commission with respect to such information and shall furnish all information requested by the Commission to the extent permitted by law.

SEC. 6. ADMINISTRATIVE PROVISIONS.

(a) Staff- The Commission may, without regard to section 5311(b) of title 5, United States Code, appoint and fix the compensation of such personnel as the Commission considers appropriate.

(b) Applicability of Certain Civil Service Laws- The staff of the Commission may be appointed without regard to the provisions of title 5, United States Code, governing appointments in the competitive service, and without regard to the provisions of chapter 51 and subchapter III of chapter 53 of such title relating to classification and General Schedule pay rates, except that the compensation of any employee of the Commission may not exceed a rate equal to the annual rate of basic pay payable for GS-18 of the General Schedule under section 5332 of title 5, United States Code.

(c) Experts and Consultants- The Commission may procure the services of experts and consultants in accordance with the provisions of section 3109(b) of title 5, United States Code, but at rates for individuals not to exceed the daily equivalent of the highest rate payable under section 5332 of such title.

(d) Administrative Support Services- The Commission may enter into agreements with the Administrator of General Services for procurement of financial and administrative services necessary for the discharge of the duties of the Commission. Payment for such services shall be made by reimbursement from funds of the Commission in such amounts as may be agreed upon by the Chairman of the Commission and the Administrator.

(e) Contracts- The Commission may–

(1) procure supplies, services, and property by contract in accordance with applicable laws and regulations and to the extent or in such amounts as are provided in appropriations Acts; and

(2) enter into contracts with departments, agencies, and instrumentalities of the Federal Government, State agencies, and private firms, institutions, and agencies, for the conduct of research or surveys, the preparation of reports, and other activities necessary for the discharge of the duties of the Commission, to the extent or in such amounts as are provided in appropriations Acts.

SEC. 7. TERMINATION.

The Commission shall terminate 90 days after the date on which the Commission submits its report to the Congress under section 3(c).

SEC. 8. AUTHORIZATION OF APPROPRIATIONS.

To carry out the provisions of this Act, there are authorized to be appropriated $8,000,000.

HBCU Money™ Histronomics: The Chronological Order Of Federal Reserve Chairmans

Posted on May 24, 2012 by hbcumoney | Leave a comment

Charles Hamlin (Harvard University) Aug. 10, 1914-Aug. 9, 1916

W.P.G. Harding (University of Alabama) Aug. 10, 1916-Aug. 9, 1922

Daniel R. Crissinger (University of Akron) May 1, 1923-Sept. 15, 1927

Roy A. Young (Unknown) Oct. 4, 1927-Aug. 31, 1930

Eugene Meyer (Yale University) Sept. 16, 1930-May 10, 1933

Eugene R. Black (University of Georgia) May 19, 1933-Aug. 15, 1934

Marriner S. Eccles (Brigham Young University) Nov. 15, 1934-Jan. 31, 1948

Thomas B. McCabe (Swarthmore College) Apr. 15, 1948-Mar. 31, 1951

William Martin, Jr (Yale University) Apr. 2, 1951-Jan. 31, 1970

Arthur F. Burns (Columbia University) Feb. 1, 1970-Jan. 31, 1978

G. William Miller (U.S. Coast Guard Academy) Mar. 8, 1978-Aug. 6, 1979

Paul A. Volcker (Princeton University) Aug. 6, 1979-Aug. 11, 1987

Alan Greenspan (New York University) Aug. 11, 1987-Jan. 31, 2006

Ben S. Bernanke (Harvard University) Feb. 1, 2006-Feb. 3, 2014

Janet Yellen (Brown University) Feb. 3 2014 – Present

Source: Federal Reserve