FEDERAL RESERVE REGULATIONS OF BANKING

FEDERAL RESERVE REGULATIONS OF BANKING

FEDERAL RESERVE REGULATIONS OF BANKING

Introduction

The sixteenth amendment to the United States Constitution states that, the Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.' The amendment was a response to the Supreme Court's ruling in 1895 on Pollock vs. Farmers Loan and Trust Company. With this case, the Supreme Court found the 1894 Income Tax Act to be unconstitutional. The Income Tax Act, which was attached to the Wilson-Gorman Tariff Act, was ...