By John A. Tatom (auth.), John A. Tatom (eds.)
What function should still legislation play in monetary markets? What were the ramifications of monetary law? to respond to those and different questions concerning the efficacy of laws on monetary markets, this ebook examines the impression of the Gramm Leach Bliley Act (GLBA), also referred to as the monetary Modernization Act of 1999, which essentially replaced the monetary panorama within the usa. The GLBA permits the formation of monetary maintaining businesses which can provide an built-in set of industrial banking, securities and coverage items. The 10th anniversary of the main sweeping monetary laws reform within the industry’s constitution is a ordinary benchmark for assessing the consequences of the legislation and for wondering no matter if adjustments are priceless within the operating of this historical laws. the significance of this evaluate is bolstered via various proposals within the final numerous years to reform the rules of monetary associations that experience attracted significant consciousness between regulators and within the monetary agencies that they keep an eye on. such a lot lately, the monetary challenge and the failure of a few huge monetary associations have referred to as into query the legitimacy of America’s present monetary constitution and its legislation, together with to some extent the GLBA. there is not any doubt that regulatory reform is entrance and middle on today’s coverage time table. the teachings of the GLBA event and its results, either household and overseas, on monetary markets and competitiveness, risk-taking and possibility administration via monetary companies corporations and their regulators can be serious to the course the rustic takes and the hassle to make sure that destiny monetary crises don't happen or have less expensive harm. With contributions from teachers, coverage specialists, and a sponsor of the GLBA, Congressman James Leach, this publication is beneficial to somebody attracted to economic climate reform.
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What function should still law play in monetary markets? What were the ramifications of economic law? to reply to those and different questions concerning the efficacy of laws on monetary markets, this publication examines the influence of the Gramm Leach Bliley Act (GLBA), also known as the monetary Modernization Act of 1999, which essentially replaced the monetary panorama within the usa.
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Extra info for Financial Market Regulation: Legislation and Implications
Chapter 3 Glass-Steagall in Our Future: How Straight, How Narrow Martin Mayer A dozen years ago, Randall Kroszner, soon to be one of George W. Bush’s economic advisors and a Governor of the Federal Reserve (Fed), could comment in a Levy Institute seminar, without fear of contradiction, that there was no evidence to back the “public interest rationale” for the separation of commercial and investment banking. Except for deposit insurance (and even here, there were mutterings about moral hazard), the limits imposed on banking by the Glass-Steagall Act of 1933 were roundly condemned through the entire cadre of academic and corporate economists, as the old law was unceremoniously junked 66 years later.
Department of Treasury. This transfers consumer protection rules for thrifts to oversight by the OCC, as well as the new bureau. Thus, Dodd-Frank continues the pursuit of stronger consumer protection regulation and in this regard it touches on one area that some analysts believed contributed to the mortgage and financial crisis of 2007–2009, the concern to protect consumers from predatory lending. There is no evidence that predatory lending contributed to the mortgage crisis, however, as predation with unsustainable mortgage lending ran from borrowers to lenders and to mortgage-backed asset investors.
6 After scanning this sentence, readers might be forgiven for believing that banks trade risky securities. But that would be incorrect. Because of the continuing applicability of Glass-Steagall, banks are still prohibited from trading securities—other than various governmentissued or government-backed securities that are generally risk-free. Under these circumstances, it’s not clear what institutions Uchitelle is referring to as banks; he could have meant the BHCs that control banks, or he could be referring to subsidiaries of these BHCs that trade securities, or even to subsidiaries of banks that are permitted to trade securities after the GLBA.
Financial Market Regulation: Legislation and Implications by John A. Tatom (auth.), John A. Tatom (eds.)