- published: 20 Jan 2015
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Coordinates: 35°13′36.41″N 80°50′33.57″E / 35.2267806°N 80.8426583°E / 35.2267806; 80.8426583
Bank of America Corporation is an American multinational banking and financial services corporation headquartered in Charlotte, North Carolina. It is the second-largest bank holding company in the United States by assets. Bank of America serves clients in more than 150 countries and has a relationship with 99% of the U.S. Fortune 500 companies and 83% of the Fortune Global 500. The company is a member of the Federal Deposit Insurance Corporation (FDIC) and a component of both the S&P 500 Index and the Dow Jones Industrial Average.
As of 2010, Bank of America is the fifth-largest company in the United States by total revenue, as well as the third-largest non-oil company in the U.S. (after Walmart and General Electric). In 2010, Forbes listed Bank of America as the 3rd biggest company in the world.
The bank's 2008 acquisition of Merrill Lynch made Bank of America the world's largest wealth management corporation and a major player in the investment banking market.
Ben Shalom Bernanke (English pronunciation: /bərˈnæŋki/ bər-NANG-kee; born December 13, 1953) is an American economist and currently chairman of the Federal Reserve, the central bank of the United States. During his tenure as chairman, Bernanke has overseen the Federal Reserve's response to the late-2000s financial crisis.
Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave. From 2002 until 2005, he was a member of the Board of Governors of the Federal Reserve System, proposed the Bernanke Doctrine, and first discussed "the Great Moderation"--the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic (monetary and fiscal) policy. Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush appointed him on February 1, 2006, to be chairman of the United States Federal Reserve. Bernanke was confirmed for a second term as chairman on January 28, 2010, after being re-nominated by President Barack Obama.
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