Shareholders elect directors at the corporation’s annual shareholders’ meeting. An agreement that prohibits shareholders from electing directors is contrary to public policy and is unenforceable.
The individual human soul a temple of God - this opens to us an entirely new, broad vista. The prayer life of Jesus was to be the key to understanding the prayer of the church. We saw that Christ took part in the public and prescribed worship services of his people... And this is precisely how he transformed the liturgy of the Old Covenant into that of the New.
But Jesus did not merely participate in public and prescribed worship services. Perhaps even more often the Gospels tell of solitary prayer in the still of the night, on open mountain tops, in the wilderness far from people. Jesus' public ministry was preceded by forty days and forty nights of prayer (Mt 4,1-2). Before he chose and commissioned his twelve apostles, he withdrew into the isolation of the mountains. By his hour on the Mount of Olives, he prepared himself for his road to Golgotha. A few short words tell us what he implored of his Father during this most difficult hour of his life, words that are given to us as guiding stars for our own hours on the Mount of Olives. "Father, if you are willing, take this cup away from me. Nevertheless, let your will be done, not mine" (Lk 22,42). Like lightning, these words for an instant illumine for us the innermost spiritual life of Jesus, the unfathomable mystery of his God-man existence and his dialogue with the Father. Surely, this dialogue was life-long and uninterrupted.
Unless the corporation’s bylaws or Articles of Incorporation state otherwise, the Board of Directors is allowed to determine the compensation of directors and officers. However, the Board of Directors have a duty to set compensation in accordance with reasonable parameters, taking into account the needs of the corporation and ensuring that they do not commit waste of corporate assets.
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Sveiki visi, su jumis vėl aš, Baltalietuvis, jė jė jė! Šiandien vėl filmuojam naują ragaujam epizodą! Taigi, sveiki, visi! Su jumis vėl aš, Baltalietuvis, ir šiandien, kaip įprasta, filmuojame naują ragavimo epizodą. O šįkart ragausim štai va tokį dalyką. Pas mama šaldytuve radau va štai va kokį dalyką. Tai yra „IKI“ Marinuoti agurkai. Saldžiai rūgštūs, nepjaustyti. Apžvelgsime jų sudėtį, žiūrėsim ko čia į juos pridėta, na ir žinoma, gale įvertinsim jų skonį, Nežinau, kiek jie kainavo, nes čia mama pirko. Ha ha. Na žiūrim, ko čia į juos pridėta, taip: „Sudedamosios dalys: agurkai, vanduo, spirito actas, cukrus, krapai, druska, česnakai, raudonieji pipirai, baltųjų garstyčių sėklos, lauro lapai“ ir viskas, daugiau nieko. Nu ką, atidarykim. Visokių yra agurkų, aš paimsiu mažesnį, kad bent paragaut ir įvertinti skonį. Kaip jau minėjau, kainos nepasakysiu, tai nežinau, kiek jie čia kainavo, ir kainos nespėliosiu. Va, va tokie agurkai. Yra aišku visokių – ir didesnių va yra ir va toks va pavyzdžiui yra agurkiukas yra ir dar didesnis yra – va, pasižiūrėkit koksai! Va, va šitas, toks va yra, nu visokių yra vienu žodžiu. Taip žiūrim, ar jisai skanus, ar ne. Mmm! Visai skanus, žinot. Paimsim dar vieną, nes aš nespėjau pajust skonio. Tikrai, kaip čia pasakius, tokie rūgštoki, tokie aštroki, tokie biškį... Labai skanu, žinok, tikrai, kad skanu. Dar vieną kokį paimsiu ir vertinsiu skonį – kokį mažiuką... Ai tiek to – neimsiu, gal manau... Nors ne, paimsiu dar vieną. Va, va šitą va – didesnį agurką suvalgysiu. Nu, žinokit, man šitie agurkai labai patiko. Va, pavyzdžiui su kokiais, pavyzdžiui, kotletais, būtų labai skanu suvalgyt. Tai va, rekomenduočiau suvalgyt su kokiais kotletais suvalgyt gal, su kokiom dešrelėm galbūt nieko. Tai va, na, o skonį vertinčiau kokiu... Nu, kiek čia tą skonį įvertinus? Kad nesumelavus, tai įvertinsiu kokiu... Septynetu tvirtu – silpnu aštuonetu, nes visgi, žinokit, skanu, žinokit, ir nepasigailėjau, kad aš juos ir paragavau, žinokit, tikrai labai skanu žinokit. Rekomenduočiau ir jums nusipirkt ir paragaut va štai tokių iš „IKI“ marinuotų agurkų – saldžiai rūgštūs, nes labai, žinokit, skanu yra. Gaila, kad nežinau kainos, kaina tai, manau, kad, kiek jie kainavo, tiek verti, manau. Tikiuosi labai kaina ne per didelė jų. Tai va, jeigu žinot kainą, tai pakomentuokit. Ar aš juos dar kartą pirksiu? Tai tikrai, kad pirksiu! Nes visgi skanu, žinokit. Tai va, tai va. Ar aš tau rekomenduočiau juos paragaut? Tai rekomenduočiau paragaut su kokiais, pavyzdžiui kotletais paragaut, su kokiais, pavyzdžiui dešrelėm, dešrom, rekomenduočiau paragaut, puikiai dar tiktų svečiam papjaustyt, pateikt prie stalo, pavyzdžiui – labai skanu būtų. Tai va. O jeigu patiko šis video būtinai paspausk laiką, subscraibą. Su jumis buvau aš, Baltalietuvis, ir iki kito karto.
primary sources are firsthand accounts by people or materials involved in the historical incident.
secondary sources are records that explain and interpret the primary sources.
he collects, evaluates, and studies primary and secondary sources.
he writes his account of the historical incident and explains how it happened.
God created the world and everything in it; the world has fallen into a sad and broken state because of human sin; God is working to redeem the world to Himself.
A tree years. Tree main of a tree trunk tree of a tree are usually underground. One case tree.
สะพาน ประจวบ สะดวก สะพาน ประจวบ สะดวก สะพาน ประจวบ สะดวก กระจก หัวใจ สิบสอง กระจก หัวใจ สิบสอง กระจก หัวใจ สิบสอง พยายาม เจ้าของ เสร็จ พยายาม เจ้าของ เสร็จ พยายาม เจ้าของ เสร็จ อาจจะ พร้อม ควาย อาจจะ พร้อม ควาย อาจจะ พร้อม ควาย ควัน ความรู้ เครียด ควัน ความรู้ เครียด ควัน ความรู้ เครียด
ใบไม้ ใกล้ ใหม่ ใบไม้ ใกล้ ใหม่ ใบไม้ ใกล้ ใหม่ แปลง เปิด ตลก แปลง เปิด ตลก แปลง เปิด ตลก ติดต่อ แมลงสาบ หิว ติดต่อ แมลงสาบ หิว ติดต่อ แมลงสาบ หิว หิน ทหาร เปลี่ยน หิน ทหาร เปลี่ยน หิน ทหาร เปลี่ยน แปลก หนัก ออกแบบ แปลก หนัก ออกแบบ แปลก หนัก ออกแบบ
เข้มแข็ง แมว ได้ เข้มแข็ง แมว ได้ เข้มแข็ง แมว ได้ ดอกไม้ ด้าน ใน ดอกไม้ ด้าน ใน ดอกไม้ ด้าน ใน เดี่ยว แว่นตา แก้ว เดี่ยว แว่นตา แก้ว เดี่ยว แว่นตา แก้ว แดง แขน เข้ม แดง แขน เข้ม แดง แขน เข้ม เต็ม ใด ใต้ เต็ม ใด ใต้ เต็ม ใด ใต้
database 582 normalization 731 helps 846 maintain 217 data 503 integrity 924 understanding 653 concepts 342 like 192 first 287 normal 645 form 798 second 481 normal 372 form 814 and 693 third 254 normal 127 form 685 ensures 519 efficient 832 schema 712 design 204 managing 479 relationships 342 through 812 foreign 291 keys 679 and 153 referential 820 integrity 548 is 391 crucial 773.
hibernate 492 requires 684 understanding 745 of 302 entities 681 mappings 290 and 467 sessions 832. configuring 192 the 472 sessionfactory 938 and 314 using 568 hibernate 731 query 425 language 942 for 856 data 267 retrieval 754 are 683 crucial 519 skills 732. managing 402 transactions 182 and 647 caching 493 strategies 284 enhance 731 performance 956 in 328 enterprise 407 applications 642.
The Financial System of Nepal: A Comprehensive Analysis
The financial system of Nepal is a multifaceted and evolving framework that plays a crucial role in the country's economic development. It encompasses a wide range of institutions, markets, instruments, laws, and regulations that facilitate the efficient flow of funds from savers to borrowers, thereby promoting investment, economic growth, and financial stability. Understanding the intricacies of Nepal's financial system requires an in-depth examination of its components, types, organizational structures, regulatory frameworks, and the challenges it faces.
1. Overview of the Financial System in Nepal
Nepal's financial system has undergone significant transformation over the past few decades, evolving from a predominantly informal and unregulated sector to a more structured and regulated system. This transformation has been driven by economic liberalization, technological advancements, and regulatory reforms aimed at improving the efficiency, stability, and inclusiveness of the financial sector. Today, Nepal's financial system includes a diverse range of institutions and markets that operate under the supervision of various regulatory bodies, with the Nepal Rastra Bank (NRB) serving as the central authority.
The primary function of the financial system is to mobilize savings from surplus units (savers) and channel them to deficit units (borrowers), facilitating the allocation of resources in the economy. This process involves the creation and exchange of financial instruments, such as loans, bonds, and stocks, which represent claims on future cash flows or assets. The financial system also plays a vital role in managing risk, providing payment and settlement services, and supporting economic development by financing infrastructure projects, businesses, and other productive activities.
2. Types of Financial Systems in Nepal
Nepal's financial system can be broadly classified into two main types: the formal financial system and the informal financial system.
2.1. Formal Financial System
The formal financial system in Nepal is regulated and supervised by various governmental and quasi-governmental bodies, with the NRB at the helm. This system includes a wide array of financial institutions, such as commercial banks, development banks, finance companies, microfinance institutions, insurance companies, pension funds, and cooperatives. These institutions are responsible for mobilizing savings, providing credit, managing risks, and offering a range of financial services to individuals, businesses, and governments.
Commercial Banks: These are the most prominent depository institutions in Nepal's financial system. They accept deposits from the public and provide loans to individuals, businesses, and governments. Commercial banks play a crucial role in financial intermediation, which involves channeling funds from savers to borrowers. They also provide a range of other financial services, including payment processing, foreign exchange, and investment management.
Development Banks: These banks focus on providing medium- and long-term finance for agriculture, industry, and infrastructure development. Their primary objective is to support economic development by financing projects that contribute to the growth of key sectors in the economy. Development banks play a vital role in reducing regional disparities by providing access to credit in underserved areas.
Finance Companies: Finance companies offer a range of financial services, including loans, hire purchase financing, and leasing. They are an important component of the formal financial system, particularly in providing credit to small and medium-sized enterprises (SMEs) and individuals who may not have access to traditional banking services.
Microfinance Institutions: Microfinance institutions (MFIs) provide financial services to low-income individuals and small businesses, particularly in rural areas. These institutions aim to promote financial inclusion by offering microloans, savings products, and other financial services to marginalized communities. MFIs play a critical role in empowering women, promoting entrepreneurship, and reducing poverty.
Insurance Companies: Insurance companies provide risk management services by offering a variety of insurance products, such as life insurance, health insurance, property insurance, and liability insurance. These companies play a crucial role in protecting individuals and businesses from financial losses due to unforeseen events, such as accidents, natural disasters, or death.
Pension Funds: Pension funds manage retirement savings for individuals, ensuring income security in old age. These funds are typically managed by government agencies or private companies and are invested in a range of financial instruments, such as stocks, bonds, and real estate, to generate returns for future payouts.
Cooperatives: Financial cooperatives or credit unions are member-owned institutions that provide savings and credit services to their members. Cooperatives are particularly important in rural areas, where access to formal banking services may be limited. They operate on the principles of mutual assistance and democratic control, with profits distributed among members in the form of dividends or reduced interest rates.
2.2. Informal Financial System
The informal financial system operates outside the regulatory framework and includes unregulated financial activities. While the formal financial system has grown significantly in recent years, the informal sector still plays a vital role, particularly in rural areas where formal financial institutions may have limited reach.
Moneylenders: Moneylenders are individuals who provide loans at relatively high-interest rates, often to those who do not have access to formal credit channels. While they offer convenience and quick access to funds, the high-interest rates can lead to debt traps for borrowers.
Community Savings Groups: Informal savings groups, often found in rural communities, involve members pooling their savings and lending to each other. These groups operate on trust and mutual support, providing a simple and accessible means of saving and borrowing.
Rotating Savings and Credit Associations (ROSCAs): ROSCAs are groups where members contribute a fixed amount regularly to a common fund, which is then lent to members in rotation. This system allows members to access lump sums of money for significant expenses, such as weddings, education, or starting a business.
3. Components of the Financial System
The financial system of Nepal comprises several key components, each playing a critical role in the overall functioning of the system. These components include financial institutions, financial markets, financial instruments, and the regulatory framework.
3.1. Financial Institutions
Financial institutions are the backbone of the financial system, responsible for mobilizing savings, providing credit, and offering a range of financial services. They are classified into depository institutions and non-depository institutions.
Depository Institutions: These institutions accept deposits from the public and include commercial banks, development banks, and finance companies. Depository institutions play a central role in financial intermediation by channeling funds from savers to borrowers, thereby facilitating investment and economic growth.
Non-depository Institutions: Non-depository institutions do not accept deposits but provide other financial services, such as insurance, pension fund management, and investment management. These institutions are essential for managing risk, providing long-term savings options, and supporting investment in the economy.
Commercial Banks: Commercial banks are the most prominent depository institutions in Nepal's financial system. They provide a wide range of services, including accepting deposits, providing loans, and offering payment processing, foreign exchange, and investment management services. Commercial banks are crucial for financial intermediation, helping to mobilize savings and allocate resources efficiently in the economy.
Development Banks: Development banks focus on providing long-term finance for agriculture, industry, and infrastructure projects. Their primary goal is to support economic development by financing projects that contribute to the growth of key sectors in the economy. Development banks are particularly important in addressing regional disparities by providing access to credit in underserved areas.
Microfinance Institutions: Microfinance institutions (MFIs) play a critical role in promoting financial inclusion by providing financial services to low-income individuals and small businesses. MFIs offer microloans, savings products, and other financial services to marginalized communities, helping to empower women, promote entrepreneurship, and reduce poverty.
Insurance Companies: Insurance companies provide risk management services by offering various insurance products, such as life insurance, health insurance, property insurance, and liability insurance. These companies play a vital role in protecting individuals and businesses from financial losses due to unforeseen events, such as accidents, natural disasters, or death.
Pension Funds: Pension funds manage retirement savings for individuals, ensuring income security in old age. These funds are typically managed by government agencies or private companies and are invested in various financial instruments, such as stocks, bonds, and real estate, to generate returns for future payouts.
Cooperatives: Financial cooperatives or credit unions are member-owned institutions that provide savings and credit services to their members. Cooperatives are particularly important in rural areas, where access to formal banking services may be limited. They operate on the principles of mutual assistance and democratic control, with profits distributed among members in the form of dividends or reduced interest rates.
3.2. Financial Markets
Financial markets are platforms where financial instruments are traded, providing liquidity, enabling price discovery, and facilitating the allocation of resources. In Nepal, financial markets are divided into money markets and capital markets.
Money Market: The money market deals with short-term financial instruments, such as Treasury bills, commercial paper, and certificates of deposit. The money market is essential for managing short-term liquidity needs, providing a safe and liquid investment option for individuals and institutions.
Capital Market: The capital market deals with long-term financial instruments, such as stocks and bonds. The capital market is vital for raising long-term capital for businesses and governments, supporting investment in infrastructure, industry, and other key sectors of the economy.
The Nepal Stock Exchange (NEPSE) is the primary platform for trading stocks and bonds in Nepal. It plays a crucial role in the capital market by facilitating the issuance and trading of securities, enabling companies to raise capital for expansion and providing investors with opportunities for capital appreciation and dividends.
3.3. Financial Instruments
Financial instruments, also known as financial assets, represent claims on future cash flows or assets and are used to transfer funds from surplus units to deficit units. In Nepal, financial instruments include debt instruments and equity instruments.
Debt Instruments: Debt instruments, such as bonds, debentures, and loans, provide a fixed income claim to investors. They are used by governments, corporations, and financial institutions to raise capital for various purposes, such as infrastructure development, business expansion, and managing short-term liquidity needs.
Equity Instruments: Equity instruments, such as stocks, represent ownership stakes in companies. Investors in equity instruments have a claim on the company's profits in the form of dividends and capital appreciation. Equity instruments are crucial for raising long-term capital and supporting entrepreneurship and innovation.
3.4. Regulatory Framework
The regulatory framework is essential for ensuring the stability, transparency, and fairness of the financial system. In Nepal, the regulatory framework is governed by various acts, regulations, and regulatory bodies.
Nepal Rastra Bank (NRB): The NRB is the central bank of Nepal and serves as the primary regulatory authority for the financial system. It is responsible for formulating and implementing monetary policy, supervising financial institutions, ensuring financial stability, and promoting financial inclusion.
Securities Board of Nepal (SEBON): SEBON is the regulatory authority for the securities market in Nepal. It oversees the issuance and trading of securities, ensures transparency and fairness in the market, and protects investors' interests.
Insurance Board of Nepal (IBN): The IBN regulates the insurance sector in Nepal. It is responsible for supervising insurance companies, ensuring their solvency, and protecting policyholders' interests.
Cooperative Department: The Cooperative Department regulates the operation of cooperatives in Nepal, ensuring their compliance with laws and regulations, promoting good governance, and protecting members' interests.
4. Organizational Structures
The organizational structures of financial institutions in Nepal are designed to ensure efficient operation and regulatory compliance. These structures vary depending on the type of institution but typically include a board of directors, executive management, and various operational departments.
Commercial Banks: Commercial banks are typically organized with a board of directors at the top, followed by an executive management team, which includes the CEO, CFO, and other senior executives. The operational departments within commercial banks are usually divided into functions such as retail banking, corporate banking, treasury, risk management, and compliance.
Development Banks: Development banks have a similar organizational structure to commercial banks, with a focus on sectors like agriculture, industry, and infrastructure. They may have specialized departments focusing on project financing, rural development, and technical assistance.
Microfinance Institutions: Microfinance institutions are often organized with a board of directors, executive management, and field offices. The structure is designed to facilitate outreach to rural and underserved communities, with a strong focus on credit delivery, savings mobilization, and social development initiatives.
Insurance Companies: Insurance companies are structured with a board of directors overseeing the company's strategy and operations. The executive management team includes the CEO, CFO, and heads of various departments such as underwriting, claims, actuarial, and customer service.
Cooperatives: Cooperatives are typically organized with a general assembly of members, a board of directors elected by the members, and an executive management team. The structure emphasizes democratic control and member participation, with a focus on providing financial services to members at low costs.
5. Merits and Demerits of the Financial System
Nepal's financial system has several merits, including effective resource mobilization, increased financial inclusion, support for economic growth, and risk management. However, it also faces challenges such as financial instability, limited access to financial services in rural areas, regulatory challenges, and high costs of financial services.
5.1. Merits
Resource Mobilization: The financial system in Nepal effectively mobilizes savings from individuals and institutions, channeling them into productive investments that drive economic growth.
Financial Inclusion: The expansion of microfinance institutions and cooperatives has significantly improved access to financial services in rural and underserved areas, promoting financial inclusion and reducing poverty.
Support for Economic Growth: By providing credit to businesses, infrastructure projects, and other key sectors, the financial system plays a vital role in supporting economic growth and development.
Risk Management: The availability of insurance products and other risk management services helps individuals and businesses protect themselves from financial losses due to unforeseen events.
5.2. Demerits
Financial Instability: The financial system in Nepal is vulnerable to external shocks, such as natural disasters and political instability, which can lead to financial instability and economic downturns.
Limited Access in Rural Areas: Despite significant progress, access to formal financial services remains limited in rural and remote areas, where informal financial systems still play a dominant role.
Regulatory Challenges: The regulatory framework in Nepal faces challenges in keeping pace with the rapidly evolving financial sector, particularly in areas such as digital finance, fintech, and cross-border transactions.
High Costs of Financial Services: The cost of financial services in Nepal, particularly for small businesses and low-income individuals, remains high, limiting access to credit and other financial services.
6. Corresponding Laws and Bylaws
The financial system in Nepal is governed by a comprehensive legal framework, which includes several key laws and regulations. These laws establish the roles and responsibilities of regulatory bodies, ensure sound banking and financial practices, protect depositors and investors, and govern the operation of cooperatives.
Nepal Rastra Bank Act, 2002: This act establishes the NRB as the central bank of Nepal and outlines its functions and powers, including the formulation and implementation of monetary policy, supervision of financial institutions, and promotion of financial stability.
Banking and Financial Institutions Act (BAFIA), 2017: BAFIA regulates banks and financial institutions in Nepal, ensuring sound banking practices, protecting depositors, and promoting financial stability.
Securities Act, 2007: This act governs the securities market in Nepal, ensuring transparency, fairness, and investor protection in the issuance and trading of securities.
Insurance Act, 2017: The Insurance Act regulates the insurance sector in Nepal, ensuring the solvency and soundness of insurance companies, protecting policyholders, and promoting the development of the insurance market.
Cooperative Act, 1992: This act governs the operation of cooperatives in Nepal, ensuring their compliance with laws and regulations, promoting good governance, and protecting members' interests.
7. Challenges and Opportunities
Nepal's financial system faces several challenges, including financial instability, limited access to financial services in rural areas, regulatory challenges, and the high costs of financial services. However, there are also significant opportunities for growth and development, particularly in the areas of digital finance, fintech, and financial inclusion.
Financial Instability: Nepal's financial system is vulnerable to external shocks, such as natural disasters and political instability. Strengthening financial resilience, improving risk management practices, and enhancing regulatory oversight are essential to mitigate these risks.
Limited Access in Rural Areas: Expanding access to financial services in rural and remote areas remains a significant challenge. Investments in infrastructure, technology, and capacity building are needed to improve financial inclusion and reduce reliance on informal financial systems.
Regulatory Challenges: The rapidly evolving financial sector, particularly in areas such as digital finance and fintech, presents challenges for regulators. Updating the regulatory framework, enhancing regulatory capacity, and promoting innovation while ensuring consumer protection are key priorities.
High Costs of Financial Services: Reducing the costs of financial services, particularly for small businesses and low-income individuals, is essential to improving access to credit and other financial services. This can be achieved through policy reforms, competition, and the adoption of digital finance solutions.
Digital Finance and Fintech: The rise of digital finance and fintech presents significant opportunities for expanding access to financial services, improving efficiency, and promoting innovation. The adoption of digital payment systems, mobile banking, and fintech solutions can help bridge the gap between formal and informal financial systems, particularly in rural areas.
Financial Inclusion: Continued efforts to promote financial inclusion, particularly through microfinance, cooperatives, and digital finance, are essential to reducing poverty, promoting entrepreneurship, and supporting economic development. Expanding access to financial services for marginalized communities, women, and small businesses remains a key priority.
8. Conclusion
The financial system of Nepal plays a vital role in the country's economic development, mobilizing savings, providing credit, managing risks, and supporting investment. While significant progress has been made in terms of financial inclusion, stability, and regulatory oversight, challenges remain in ensuring access to financial services across all regions, managing financial risks, and adapting to the rapidly evolving financial landscape.
Continued reforms, investments in infrastructure and technology, and innovations in digital finance and fintech are necessary to enhance the efficiency, stability, and inclusiveness of Nepal's financial system. By addressing these challenges and seizing opportunities, Nepal can build a more resilient, dynamic, and inclusive financial system that meets the evolving needs of its economy and contributes to sustainable development.
Automatic Processing includes memories of how to perform everyday tasks, such as typing, riding a bike, tying shoelaces, talking, walking etc.
hehehehe
Sometimes I wonder whether that one missing sock after doing laundry is the smart one. After being unhappy for so long, it finally walks away from a frayed, worn-out relationship.
Though the fig tree may not blossom,
Nor fruit be on the vines;
Though the labor of the olive may fail,
And the fields yield no food;
Though the flock may be cut off from the fold,
And there be no herd in the stalls—
Yet I will rejoice in the Lord,
I will joy in the God of my salvation.
The Lord God is my strength; He will make my feet like deer's feet, And He will make me walk on my high hills. To the Chief Musician. With my stringed instruments.
The Lord God is my strength;
He will make my feet like deer’s feet,
And He will make me walk on my high hills.
whitebug45
whitebug45
whitebug45
Don’t let anyone capture you with empty philosophies and high-sounding nonsense that come from human thinking and from the spiritual powers of this world, rather than from Christ.
For in Christ lives all the fullness of God in a human body.
On September 11, 2001, people in New York City woke up to a beautiful late summer day. It was a Tuesday, and people were preparing for another day at work and school.
Thousands of people headed for the World Trade Center, a complex of seven buildings that included a pair of skyscrapers known as the twin towers. Each tower had 110 stories and stood about 1,360 feet high. The tallest buildings in New York City at the time, the twin towers rose above the city’s downtown skyline. Nobody there knew that in just a few hours, both buildings would fall.
A shocking event
People who live in New York are used to seeing and hearing airplanes flying overhead. But on the morning of September 11, people stopped on the streets and looked up. The sound of an approaching airplane was too loud, and the plane seemed to be flying too low. To the horror of people watching below, the airplane flew straight into one of the twin towers of the World Trade Center.
Smoke pours from the twin towers of the World Trade Center after they were hit by two hijacked airliners in a terrorist attack September 11, 2001 in New York
Smoke pours from the twin towers of the World Trade Center in New York City after they were hit by two hijacked airliners on September 11, 2001.
American Airlines Flight 11 hit the north tower at 8:46 a.m. The impact of the crash tore a hole that stretched from the 93rd to 99th floors of the building. Smoke and flames poured out of the tower. Many people thought they had just seen a terrible accident. But 17 minutes later, a second plane flew into another one of the World Trade Center buildings—this time into the south tower.
United Airlines Flight 175 crashed into the 77th through 85th floors of the south tower at 9:03 a.m. Some cell phone and TV station cameras caught the second attack on film. The footage was played over and over again on television. Soon people knew that hijackers—individuals who capture an aircraft, ship, or vehicle by force—had taken over the planes. A group of men had taken control of the cockpit of each airplane and flown them into the buildings on purpose.
The attack continues
The United States was under attack. About half an hour after the second tower was struck in New York City, hijackers crashed a third airplane. American Airlines Flight 77 hit the west side of the Pentagon, a five-sided concrete building that serves as headquarters for the U.S. Department of Defense, in Arlington, Virginia, just outside Washington, D.C. The plane’s fuel tanks exploded, and two giant fireballs blasted into the air.
Smoke pours from the southwest corner of the Pentagon after a hijacked commercial airliner crashed into the building, Sept. 11, 2001.
The hijacked American Airlines Flight 77 crashed into the southwest corner of the Pentagon, causing explosions and fires.
The U.S. government ordered all airplanes flying over the country to land as soon as possible. But it was too late for United Airlines Flight 93. Hijackers had already taken control of this fourth aircraft. They were flying the plane toward Washington, D.C.
Passengers and crew members on the plane called loved ones, who told them about the other attacks in New York and Virginia. People on Flight 93 thought their aircraft would be used as a weapon, too. So they fought the hijackers to try to get control of the plane. In a phone call recorded as passengers and crew began to fight back, passenger Todd Beamer was heard saying, “Are you ready? OK, let’s roll.”
Flight 93 eventually crashed into a field near Shanksville, Pennsylvania. The crash site was close to the hijackers’ likely target, a government building in Washington, D.C.
The rescue begins
Firefighters walk towards one of the tower at the World Trade Center before it collapsed after a plane hit the building September 11, 2001 in New York City
On September 11, thousands of first responders risked their lives to save others. Here, firefighters rush to the scene at the World Trade Center.
Back in New York City, dark smoke poured from the twin towers. People rushed to escape the area, which later became known as ground zero. First responders—including police officers, firefighters, and paramedics—arrived within minutes of the first attack on the World Trade Center. They rushed into both towers to help people trapped inside, even though it would be an extremely difficult rescue operation. Almost all the elevators in the twin towers had stopped working. So rescuers started climbing up the stairs, but many were blocked by rubble or fire. Still, firefighters forged ahead, ignoring the danger. (Read more about the heroes of 9/11.)
The towers fall
When the airplanes hit the twin towers, they caused massive damage. Concrete floors were destroyed. Steel support beams were cut in two. Floors above the crash sites started to sag downward. Meanwhile, the sprinklers in both buildings were damaged. There was nothing to stop the raging fires, which became hot enough to weaken steel. The buildings grew unstable. Then they collapsed.
American flag firemen raised above the ruins at Ground Zero.
Firefighters raise a U.S. flag in front of rubble at ground zero on September 11, 2001.
The south tower fell first. Once it began to crumble, it took only 10 seconds for it to collapse. The impact caused the north tower to shake, and it, too, crumbled to the ground 29 minutes later.
First responders helped many people before the twin towers collapsed. More than 25,000 made it out of the buildings before they fell. But nearly 3,000 people—from the twin towers, the Pentagon, and the four airplanes—died in the attacks that day.
The official response
The events of September 11, 2001, shook the nation. The U.S. government had to respond. President George W. Bush led the country in a day of prayer and remembrance. Then he led the nation’s effort to find and punish the people who had caused the attacks.
Bush Ground Zero, NEW YORK, USA - 13 Sep 2001. George Bush, Bob Beckwith As rescue efforts continue in the rubble of the World Trade Center in New York, President Bush stands with firefighter Bob Beckwith on a burnt fire truck
President George W. Bush visits ground zero in New York on September 14, 2001.
A terrorist group based in Afghanistan (a country in the Middle East) called al Qaeda claimed responsibility for the 9/11 attacks. Their leader was Osama bin Laden. Al Qaeda and bin Laden considered the United States to be their enemy, which is why the hijackers used the airplanes to attack important U.S. buildings. In total, 19 hijackers took over the four planes that crashed on 9/11.
World leaders promised to help the United States punish al Qaeda and locate their leader. In October 2001, the United States and its allies started military actions in Afghanistan, searching for members of al Qaeda who worked with bin Laden to plan and carry out the 9/11 attacks. It would take nearly 10 years for these forces to locate and kill bin Laden himself, who was eventually discovered hiding in nearby Pakistan in May 2011.
Banding together
Although the 9/11 attacks took place in the United States, many people from other countries felt that a terrorist attack on such a powerful nation was a threat to peace around the world. They brought flowers to U.S. embassies and lit candles to honor the victims. They gathered to sing “The Star-Spangled Banner.” One French newspaper showed its support with the front-page headline “Nous sommes tous Américains,” meaning: “We are all Americans.”
After the attacks, many people in the United States wanted to show support for their country, too. They gave flowers, candles, food, and thank-you notes to first responders. U.S. residents and organizations also donated a record-breaking $2.8 billion to help the families of victims of the attacks. By the end of 2001, more than 300 U.S. charities were raising money for the cause.
About 2000 students from Vista Verde Elementary School, University Park Elementary School, Rancho San Joaquin Middle School and UC Irvine athletes lined Michelson Drive in Irvine as some waved flags before holding hands making a Friendship Chain as they showed support for students in New York.
Americans came together to show their patriotism after 9/11.
Photograph by Robert Lachman / Los Angeles Times via Getty Images
Most Americans tried to help others after the 9/11 attacks. But some people took their anger and fear out on people who looked like they came from the same Middle Eastern countries as the hijackers. Innocent people who had nothing to do with the events of 9/11 were attacked and not treated fairly.
20 years later
A lot has changed since September 11, 2001. To prevent similar terrorist attacks from happening in the country, the United States government created the Department of Homeland Security in 2002. The organization is responsible for border security, immigrations and customs, and disaster relief and prevention. But they also keep a close watch over suspected terrorist groups and send warnings if they think the country and its people are in danger. That way, the government can protect them.
Air travel became stricter after 9/11. Before the attacks, private security companies performed all airport screenings. After September 11, the Transportation Security Administration (TSA) was created to give the federal government direct responsibility for all airport screenings. In 2002, the TSA began using explosive detection systems nationwide to screen all bags for explosives. They also installed more advanced technologies, such as the full-body scanner, to ensure travelers weren’t trying to bring anything harmful on an airplane. (The hijackers used weapons they had carried onboard to gain control of the aircrafts.) Other rules—like using small containers for liquids like shampoo or removing shoes during security checks—were put in place to make sure people didn’t sneak dangerous things onboard.
The United States also entered a long war on terror abroad. In addition to sending troops to Afghanistan, Bush also sent troops to Iraq in 2003 because of rumors that the country was hiding dangerous weapons. By the time Barack Obama was elected president in 2008, some 4,500 American soldiers had died in Afghanistan and Iraq, with many thousands more wounded.
Many Americans felt the loss of life wasn’t worth it—bin Laden was still missing, and no weapons were ever found. But in 2011, bin Laden was finally located and killed. His death was a blow to al Qaeda and gave some U.S. citizens hope that progress was being made in the fight against terrorism.
By the end of 2011, Obama had withdrawn all combat troops from Iraq. But U.S. troops were still fighting in Afghanistan by the end of his second term in 2017. And another terrorist group, the Islamic State of Iraq and Syria (ISIS), threatened the region throughout Obama’s presidency and into Donald Trump’s single term as president, too.
During Trump’s term in office, he announced the removal of all troops from Afghanistan by May 1, 2021. Trump’s successor, Joe Biden, delayed the removal, announcing that the United States would be removing all troops from Afghanistan by August 31 instead, just before the 20-year anniversary of the 9/11 attacks.
Honoring the victims
Memorials now stand to pay tribute to those who lost their lives on September 11, 2001. The 9/11 Memorial and Museum in New York City contains pools set within each area where the twin towers stood; the names of all the 9/11 victims from each tower are inscribed on bronze panels. At the National 9/11 Pentagon Memorial, each of the 184 benches is dedicated to a victim of the Virginia attack. And the Tower of Voices at the Flight 93 National Memorial in Pennsylvania has 40 wind chimes to honor the plane’s passengers and crew members.
SHANKSVILLE, PENNSYLVANIA - 6 OCTOBER, 2018: Tower of Voices monument at the Flight 93 Memorial for 911
The Tower of Voices at the Flight 93 National Memorial in Pennsylvania has 40 wind chimes to honor the plane’s passengers and crew members.
The attacks on September 11, 2001, shook the world and made people realize that even a powerful country like the United States could be a victim of terrorism. But the horrific event also brought Americans closer together. As U.S. senator John Kerry said at the time, “It was the worst day we have ever seen, but it brought out the best in all of us.”
Drone flights industry that precluded a great dark as well. Operators restrictions.
