ABSTRACT

Homeland Security: Banking and Financial Infrastructure Continuity [Updated September 5, 2003]   [open pdf - 82KB]

"The Department of Homeland Security (DHS) has many responsibilities for ensuring the continuity of the 'real' economy: production, distribution, and consumption of public and private goods and services Other agencies, however, have long had similar responsibilities for the 'financial' sectors of the economy, which interact with the sectors DHS oversees pursuant to P.L. 107-296. DHS has some responsibilities for financial sectors through Treasury Department links. Financial agencies carry out recovery and security activities independently but also coordinately with DHS. For additional information on homeland security, please consult the CRS current legislative issue 'Homeland Security,' on congressional web site [http://www.crs.gov/products/browse/is-homelandsecurity.shtml]. This report outlines the existing recovery modes to mitigate disasters in financial markets that events have tested in recent experience, and recovery arrangements. (Such disasters for the financial economy are of two kinds: inability to conduct transactions, and large losses of asset value.) Homeland security requires the financial institutions that are important in supporting and maintaining both domestic and international commerce to take steps to safeguard their ability to carry out basic functions. The backbone of the financial economy - the payment system - comes through banks, and monetary policy affects them immediately."

Report Number:
CRS Report for Congress, RL31873
Author:
Publisher:
Date:
2003-09-05
Series:
Copyright:
Public Domain
Retrieved From:
Via E-mail
Format:
pdf
Media Type:
application/pdf
URL:
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