Full faith and credit

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Related to Full Faith and Credit Clause: Necessary and Proper Clause, Supremacy Clause

Full Faith and Credit

A situation in which a government agrees to repay a debt no matter what. For example, if a bond is backed by the full faith and credit of the United States, the U.S. government must find some way to repay the bond. U.S. Treasury securities, Ginnie Mae bonds, and some other debt securities are call full-faith-and-credit bonds because they have this backing. Municipalities may also attach full faith and credit to their bonds, but this means less than the credit of the United States.
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Full faith and credit.

Federal and municipal governments can promise repayment of debt securities they issue because they can raise money through taxes, borrowing, and other sources of revenue. That power is described as full faith and credit.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.
References in periodicals archive ?
In the 30-year period from 1957 (when Cowen last wrote on the subject) until 1987 only two major decisions were handed down on the impact of the full faith and credit clause on interstate choice of law: one progressive and one conservative.
202, 215 n.2 (1933) (Stone, J., dissenting) ("The mandatory force of the full faith and credit clause as defined by this Court may be, in some degree not yet fully defined, expanded or contracted by Congress.") (emphasis added).
converse of the rule prescribed under the Full Faith and Credit Clause
Additional proof of the Founders' intent behind the precise wording of the "Full Faith and Credit Clause" is found in The Federalist Papers.
The language of the Full Faith and Credit Clause "is so sweeping as to make inevitable the existence of some exceptions to its literal command." (72) Such exceptions have been identified in a variety of contexts, one of which is "where the mandate of lull faith and credit ...
This law was not passed pursuant to the Full Faith and Credit Clause, but to the Commerce Clause like the CCPA, and it has been deemed constitutional under this congressional power.
Part I of this Comment discusses the drafting and interpretation of the Full Faith and Credit Clause, and describes its coordination with conflict-of-laws rules.
First, the historical application of the full faith and credit clause must be assessed to determine its potential role in interstate recognition of same-sex marriages.
[sections] 55.081 and its 20-year limitation period to a foreign-judgment recorded pursuant to the Florida Enforcement of Foreign Judgments Act is an even-handed application of a limitation period as is required by the full faith and credit clause.
It is probably worth taking a moment to explain this interpretation, which at a glance could be thought to contradict the plain language of the Full Faith and Credit Clause. No one paid much attention to the problem of faith and credit to laws (as opposed to judgments) until well into the twentieth century.
Constitution's Full Faith and Credit Clause requires states to recognize the judicial acts and proceedings of fellow states, and marriage has long been one of the core proceedings that is entitled to interjurisdictional acceptance.