By H. Garten
This booklet argues that would deregulation and globalization of monetary markets suggest for the way forward for US monetary legislation? This booklet argues that the distinctiveness people rules derives from its good fortune in selling 4 rules of aggressive equity that US gamers call for from monetary markets. The ordinary thought of a "level taking part in box" presents a singular method of figuring out the evolution people law, together with fresh reform, and to predicting attitudes towards questions of worldwide monetary industry supervision.
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Example text
Therefore, deregulation is now the truly public-regarding policy. In this way, the ideological story, like the political story, begins to delegitimize financial regulation. 31 The ideological story may be somewhat better than the political story at accounting for the uniqueness of the US approach to financial regulation. Ideology offers an explanation of regulation that is culturally bound, serving to distinguish US regulation from other national regulatory regimes. This distinction is less clear in the political story: there is no reason to assume that rent-seeking by private interest groups seeking to influence financial regulation is confined to the US, although perhaps America’s fragmented political and regulatory structure makes interest group bargaining more likely.
In fact, the statute itself offers clues as to the complexity of that structure. The drafters of Glass-Steagall had to rely on four separate prohibitions in order to achieve their goal of dividing the banking and securities markets. First, federally regulated banks (which according to the plan adopted in 1933 would ultimately have included all licensed banking institutions that joined the federal deposit insurance system – and at the time it was expected that virtually every bank would join) were prohibited from merchant and investment banking.
Against this backdrop, the ideological story paints Glass-Steagall as an assault on Wall Street generally, designed in the short run to prevent consumer abuses by removing commercial banks, widely assumed to have been the most egregious offenders, from the retail securities brokerage business, and in the long run to limit financial monopoly by preventing combinations of banks and securities firms. The ideological story does not really care whether a specific legislative provision hurt Morgan, Chase or some other firm.