Regulation and Instability in U.S. Commercial Banking: A by Jill M. Hendrickson

By Jill M. Hendrickson

The historic reaction to financial institution crises has continually been extra legislation. A development emerges that a few might locate stunning: law frequently contributes to financial institution instability. It suppresses festival and potent reaction to marketplace adjustments and encourages bankers to tackle extra chance. This e-book bargains a helpful historical past lesson for coverage makers.

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The other growth spurts may be explained more generally. Our nation was in its infant stages of embracing paper currency, of expanding our economic possibilities, and advancing entrepreneurial ambitions. S. Commercial Banking, Jill M. com - licensed to ETH Zuerich - PalgraveConnect - 2011-04-01 free to enter the business of banking. Free banking laws were born in 1838 in New York and quickly spread to other states. Traditional investigations into free banking have judged it to be a failure based on the number of such banks that failed and due to questionable note quality from some of these banks.

Any bank not meeting these requirements could be dismissed from the Clearinghouse Association. The member banker was willing to subject itself to the regulation because of the public confidence garnered through membership. Today most students of banking know that this sector is one of the most heavily regulated industries in the United States. Indeed, the tradition of regulating banks is as old as banking itself. Consider that to even get into the business of banking, one had to obtain permission from the legislature and then had to comply with rules and regulations outlined by the state government.

24 Again, the policies of the Second Bank were vital in the performance of the state banks of this region. In addition to the Second Bank, the states in this region also intervened heavily in the business of banking. For example, the state of Virginia required chartered banks to invest in state improvement programs while the state of South Carolina chartered a state owned bank whose purpose was to lend primarily to farmers. The Southwest and Western regions of the country shared similar banking experiences during this era.

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