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Summary Of The Principal Provisions Of The Banking Act Of 1933 Glass Act
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Book Synopsis Taming the Megabanks by : Arthur E. Wilmarth Jr
Download or read book Taming the Megabanks written by Arthur E. Wilmarth Jr and published by Oxford University Press, USA. This book was released on 2020 with total page 601 pages. Available in PDF, EPUB and Kindle. Book excerpt: Banks were allowed to enter securities markets and become universal banks during two periods in the past century - the 1920s and the late 1990s. Both times the ensuing unsustainable booms led to destructive busts - the Great Depression of the early 1930s and the Global Financial Crisis of2007-09. Both times, universal banks made high-risk loans and packaged them into securities that were sold as safe investments to poorly-informed investors. Both times, governments were forced to arrange costly bailouts.Congress passed the Glass-Steagall Act of 1933 in response to the Great Depression. The Act broke up universal banks and established a decentralized financial system composed of three separate and independent sectors: banking, securities, and insurance. That system was stable and successful for overfour decades until the big-bank lobby persuaded regulators to open loopholes in Glass-Steagall during the 1980s and convinced Congress to repeal it in 1999.In Taming the Megabanks, Arthur Wilmarth, Jr. argues that we must separate banks from securities markets again to avoid another devastating financial crisis and ensure that our financial system serves Main Street business firms and consumers instead of Wall Street bankers and speculators. Wilmarth'scomprehensive and detailed analysis of the roles played by universal banks in the two worst financial catastrophes of the past century demonstrates that a new Glass-Steagall Act would make our financial system much more stable and less likely to produce boom-and-bust cycles. And giant universalbanks would no longer dominate our financial system or receive enormous subsidies.Congress did not adopt a new Glass-Steagall Act after the Global Financial Crisis. Instead, Congress passed the Dodd-Frank Act. Dodd-Frank's highly technical reforms tried to make banks safer but left the dangerous universal banking system in place. Universal banks continue to pose unacceptablerisks to financial stability and economic and social welfare. They exert far too much influence over our political and regulatory systems because of their immense size and their undeniable "too-big-to-fail" status.Taming the Megabanks forcefully makes the case for a a new Glass-Steagall Act to break up universal banks. A more decentralized and competitive system of independent banks and securities firms would not only provide better service to Main Street businesses and ordinary consumers but also bringstability to a volatile financial system.
Book Synopsis Encyclopedia of Finance by : Cheng-Few Lee
Download or read book Encyclopedia of Finance written by Cheng-Few Lee and published by Springer Science & Business Media. This book was released on 2006-07-27 with total page 861 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a major new reference work covering all aspects of finance. Coverage includes finance (financial management, security analysis, portfolio management, financial markets and instruments, insurance, real estate, options and futures, international finance) and statistical applications in finance (applications in portfolio analysis, option pricing models and financial research). The project is designed to attract both an academic and professional market. It also has an international approach to ensure its maximum appeal. The Editors' wish is that the readers will find the encyclopedia to be an invaluable resource.
Book Synopsis Separation of Commercial and Investment Banking by : George J. Benston
Download or read book Separation of Commercial and Investment Banking written by George J. Benston and published by Springer. This book was released on 1990-06-18 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt: The latest in a series of studies in banking and international finance. This book deals with all aspects of the Glass-Steagall Act, and the relationship between the commercial banks and the investment banks.
Book Synopsis Wall Street Under Oath: The Story of Our Modern Money Changers by : Ferdinand Pecora
Download or read book Wall Street Under Oath: The Story of Our Modern Money Changers written by Ferdinand Pecora and published by Graymalkin Media. This book was released on 2014-10-10 with total page 165 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ferdinand Pecora investigated with ruthlessly abandon the nation’s most influential bankers and stockbrokers to determine what caused the Wall Street Crash of 1929, which in turn led to the Great Depression. Pecora, as Chief Counsel of Senate launched investigation, shined a vivid light on the shocking practices, deception, and lack of ethics that permeated Wall Street from the bottom to the highest echelons of power. Wall Street’s major players thought they were untouchable masters of their domain, but in the hot seat of the witness chair, eye-to-eye with Pecora, they were no match and fell like dominoes. The mighty J. P. Morgan was forced to admit he and many of his partners hadn’t paid any income taxes in the previous two years and his reputation was tarnished. Pecora’s expose of the practices of National City Bank (now Citibank) made banner headlines and caused the bank’s president to resign. Pecora Wall Street Under Oath in easy to understand language because he was afraid the public might get forgetful. And he was right. Federal Reserve Chairman Ben Bernanke said the 2008 “Great Recession” was actually worse than the Great Depression. Clearly, we need to stay vigilant with a refresher course from Ferdinand Pecora. First published in 1939, this classic book is as relevant today as it was then – because on Wall Street, greed is always in style.
Book Synopsis Prudential Supervision by : Frederic S. Mishkin
Download or read book Prudential Supervision written by Frederic S. Mishkin and published by University of Chicago Press. This book was released on 2009-02-15 with total page 379 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since banking systems play a crucial role in maintaining the overall health of the economy, the adverse effects of poorly supervised systems may be quite severe. Without some form of vigilant external oversight, banking systems could fall prey to excessive risk taking, moral hazard, and corruption. Prudential supervision provides that oversight, using government regulation and monitoring to ensure the soundness of the banking system and, by extension, the economy at large. The contributors to this thoughtful volume examine the current state of prudential supervision, focusing on fundamental issues and key pragmatic concerns. Why is prudential supervision so important? What kinds of excess must it guard against? What particular forms does it take? Which of these are the most effective deterrents against mismanagement and system overload in today's rapidly shifting financial climate? The contributors foresee a continued movement beyond simple regulatory rules in banking and toward a more active evaluation and supervision of a bank's risk management practices.
Book Synopsis Riegle Community Development and Regulatory Improvement Act of 1994 by : United States
Download or read book Riegle Community Development and Regulatory Improvement Act of 1994 written by United States and published by . This book was released on 1994 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Regulation and Its Reform by : Nancy L. Rose
Download or read book Economic Regulation and Its Reform written by Nancy L. Rose and published by University of Chicago Press. This book was released on 2014-08-29 with total page 619 pages. Available in PDF, EPUB and Kindle. Book excerpt: The past thirty years have witnessed a transformation of government economic intervention in broad segments of industry throughout the world. Many industries historically subject to economic price and entry controls have been largely deregulated, including natural gas, trucking, airlines, and commercial banking. However, recent concerns about market power in restructured electricity markets, airline industry instability amid chronic financial stress, and the challenges created by the repeal of the Glass-Steagall Act, which allowed commercial banks to participate in investment banking, have led to calls for renewed market intervention. Economic Regulation and Its Reform collects research by a group of distinguished scholars who explore these and other issues surrounding government economic intervention. Determining the consequences of such intervention requires a careful assessment of the costs and benefits of imperfect regulation. Moreover, government interventions may take a variety of forms, from relatively nonintrusive performance-based regulations to more aggressive antitrust and competition policies and barriers to entry. This volume introduces the key issues surrounding economic regulation, provides an assessment of the economic effects of regulatory reforms over the past three decades, and examines how these insights bear on some of today’s most significant concerns in regulatory policy.
Book Synopsis The Banking Crisis of 1933 by : Susan Estabrook Kennedy
Download or read book The Banking Crisis of 1933 written by Susan Estabrook Kennedy and published by University Press of Kentucky. This book was released on 2014-07-15 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: On March 6, 1933, Franklin D. Roosevelt, less than forty-eight hours after becoming president, ordered the suspension of all banking facilities in the United States. How the nation had reached such a desperate situation and how it responded to the banking "holiday" are examined in this book, the first full-length study of the crisis. Although the 1920s had witnessed a wave of bank failures, the situation worsened after the 1929 stock market crash, and by the winter of 1932-1933, complete banking collapse threatened much of the nation. President Hoover's stopgap measures proved totally inadequate, the author shows, and by March 4, the day of Roosevelt's inauguration, thirty-four states had declared banking moratoriums. Of special interest in this study is Ms. Kennedy's examination of relations between Herbert Hoover and Franklin D. Roosevelt.
Book Synopsis Principles of Financial Regulation by : John Armour
Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of financial regulation.
Book Synopsis Bank Powers by : United States. General Accounting Office
Download or read book Bank Powers written by United States. General Accounting Office and published by . This book was released on 1990 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Chicago Plan & New Deal Banking Reform by : Ronnie J. Phillips
Download or read book The Chicago Plan & New Deal Banking Reform written by Ronnie J. Phillips and published by M.E. Sharpe. This book was released on 1995 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work presents a comprehensive history and evaluation of the role of the 100 percent reserve plan in the banking legislation of the New Deal reform era from its inception in 1933 to its re-emergence in the current financial reform debate in the US.
Book Synopsis Making Banks Safer by : Mr.Julian T. S. Chow
Download or read book Making Banks Safer written by Mr.Julian T. S. Chow and published by International Monetary Fund. This book was released on 2011-10-01 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses proposals to redefine the scope of activities of systemically important financial institutions. Alongside reform of prudential regulation and oversight, these have been offered as solutions to the too-important-to-fail problem. It is argued that while the more radical of these proposals such as narrow utility banking do not adequately address key policy objectives, two concrete policy measures - the Volcker Rule in the United States and retail ring-fencing in the United Kingdom - are more promising while still entailing significant implementation challenges. A risk factor common to all the measures is the potential for activities identified as too risky for retail banks to migrate to the unregulated parts of the financial system. Since this could lead to accumulation of systemic risk if left unchecked, it appears unlikely that any structural engineering will lessen the policing burden on prudential authorities and on the banks.
Book Synopsis The Encyclopedia of Money by : Larry Allen
Download or read book The Encyclopedia of Money written by Larry Allen and published by Bloomsbury Publishing USA. This book was released on 2009-10-15 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive introductory resource with entries covering the development of money and the functions and dysfunctions of the monetary and financial system. The original edition of The Encyclopedia of Money won widespread acclaim for explaining the function—and dysfunction—of the financial system in a language any reader could understand. Now a decade later, with a more globally integrated, market-oriented world, and with consumers trying to make sense of subprime mortgages, credit default swaps, and bank stress tests, the Encyclopedia returns in an expanded new edition. From the development of metal and paper currency to the ongoing global economic crisis, the rigorously updated The Encyclopedia of Money, Second Edition is the most authoritative, comprehensive resource on the fundamentals of money and finance available. Its 350 alphabetically organized entries—85 completely new to this edition—help readers make sense of a wide range of events, policies, and regulations by explaining their historical, political, and theoretical contexts. The new edition focuses most intently on the last two decades, highlighting the connections between the onrush of globalization, the surging stock market, and various monetary and fiscal crises of the 1990s, as well as developments, scandals, and pocketbook issues making headlines today.
Book Synopsis The Federal Reserve Act (approved December 23, 1913) as Amended by : United States
Download or read book The Federal Reserve Act (approved December 23, 1913) as Amended written by United States and published by . This book was released on 1920 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Guide to Bank Underwriting, Dealing and Brokerage Activities by : Robert L. Tortoriello
Download or read book Guide to Bank Underwriting, Dealing and Brokerage Activities written by Robert L. Tortoriello and published by . This book was released on with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Securities Market Issues for the 21st Century by : Merritt B. Fox
Download or read book Securities Market Issues for the 21st Century written by Merritt B. Fox and published by . This book was released on 2018 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Capital Markets, CDFIs, and Organizational Credit Risk by : Charles Tansey
Download or read book Capital Markets, CDFIs, and Organizational Credit Risk written by Charles Tansey and published by Carsey Institute. This book was released on 2010 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: Can Community Development Financial Institutions (CDFIs) get unlimited amounts of low cost, unsecured, short- and long-term funding from the capital markets based on their organizational credit risk? Can they get pricing, flexibility, and procedural parity with for-profit corporations of equivalent credit risk? One of the key objectives of this book is to explain the reasons why the answer to the two questions above remains "no." The other two key objectives are to show the inner workings of what has been done to date to overcome the obstacles so that we don't have to retrace the same steps and recommend additional disciplines that position CDFIs to take advantage of the mechanisms of the capital markets once the markets stabilize.
