Franklin William Fort

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Franklin William Fort (March 30, 1880 – June 20, 1937) was a U.S. Representative from New Jersey.

Biography[edit]

Born in Newark, New Jersey, Fort moved in 1888 with his parents to East Orange, New Jersey. He attended the public schools and Newark Academy. He was graduated from Lawrenceville School in 1897 and from Princeton University in 1901. He attended New York Law School 1901-1903. He was admitted to the bar in 1903 and commenced practice in Newark. Recorder of East Orange, New Jersey, in 1907 and 1908. During World War I he served as a volunteer on the staff of the United States Food Administrator, Washington, D.C. from 1917 to 1919. He engaged in the insurance business in 1919 at Newark, New Jersey, and was also interested in banking.

Fort was elected as a Republican to the Sixty-ninth, Seventieth, and Seventy-first Congresses (March 4, 1925-March 3, 1931). He was not a candidate for renomination, but was an unsuccessful candidate for nomination as United States Senator in 1930. He served as secretary of the Republican National Committee 1928-1930. He resumed the practice of law. He served as chairman of the Federal Home Loan Bank Board from January 1932 to March 1933. He died on June 20, 1937, in Rochester, Minnesota. He was interred in Bloomfield Cemetery in Bloomfield, New Jersey.[1]

References[edit]

Mr. Franklin W. Fort, then President of the Lincoln National Bank of Newark, New Jersey is credited by Mr. Francis Gloyd Awalt, “Recollections of the Banking Crisis in 1933”, page 364, former Acting Comptroller of the Currency, U.S. Treasury Department 1932 - 1933, for having conceived of Title III of the Emergency Banking Act providing for the Reconstruction Finance Corporation’s purchase of bank preferred stock to augment bank solvency and bank capital adequacy. This preferred stock strategy was subsequently employed by the U.S. Treasury with enactment of the Emergency Economic Stabilization Act of 2008 and the Treasury Department’s implementation of the Troubled Asset Relief Program ("TARP") under the Act. On October 14, 2008 the Treasury announced the Capital Purchase Program (the "CPP") that provided TARP CPP preferred stock in amounts equal to 3% of bank total risk based assets and qualified all such TARP CPP preferred stock as Tier 1 Regulatory Capital, under the TARP. The CPP used the first tranche of available TARP funds to purchase up to $250 billion of senior preferred shares on standardized terms from bank and thrift institutions. The first $125 billion was invested in nine large, “systemically important” bank holding companies. The remainder of $125 billion was made available for other institutions. The TARP CPP preferred stock carried an initial periodic payment of 5% for the initial five-year term, stepping-up to 9% for the remainder of its life, plus warrants to purchase shares of the recipients’ common stock. The U.S. Treasury then imposed non-financial terms and conditions upon TARP CPP recipients, ultimately making it undesirable.

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