Tatom, John (2010): Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999.
Download (275Kb) | Preview
On November 12, 1999, President Clinton signed the most significant piece of financial services regulation to be enacted since the Great Depression, at least up to that time. When the Financial Service Modernization Act of 1999, better known as the Gramm-Leach-Bliley Act (GLBA), was signed, the financial services industry faced strong pressures for deregulation of the rigid structure imposed during the Great Depression. During the 2007-08 financial crises and ensuing debate regarding financial services regulation, the GLBA became a target as members of the financial sector, academia and government considered possible triggers that may have precipitated the crisis.
|Item Type:||MPRA Paper|
|Original Title:||Financial Legislation: The Promise and Record of the Financial Modernization Act of 1999|
|Keywords:||Glass-Steagall Act, Dodd-Frank Act, financial regulation, financial crisis.|
|Subjects:||K - Law and Economics > K2 - Regulation and Business Law > K20 - General
G - Financial Economics > G1 - General Financial Markets > G18 - Government Policy and Regulation
E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E50 - General
|Depositing User:||John Tatom|
|Date Deposited:||27. Aug 2010 07:49|
|Last Modified:||15. Feb 2013 20:08|
Barth, James R., Gerard Caprio, Jr. and Ross Levine (2006). Rethinking Bank Regulation: Till Angels Govern. New York: Cambridge University Press.
Benston, George (2000). “Consumer Protection as Justification for Regulating Financial-Services Firms and Products,” Journal of Financial Services Research 17, 277-301.
Bullard, James (2010). “Containing Risk in the New Global Financial Landscape,” 19th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies, New York, April 10, http://research.stlouisfed.org/econ/bullard/BullardLevyMinskyFinalApril15.pdf .
French, Kenneth R. et al (2010). The Squam Lake Report. Princeton: Princeton University Press.
Kaufman, Henry (2010). The Road to Financial Reformation: Warnings, Consequences, Reforms. Hoboken: John Wiley and Sons, Inc.
Krugman, Paul (2009). “The Gramm Connection,” personal blog. March 29.
Lawson, Nigel (2009). “The Future of Capitalism,” Financial Times, May 12.
Paletta, Damian and Kara Scannell (2009). “The Question for Those Fixing the Financial Mess,” Wall Street Journal, March 10.
Reinhart, Carmen M. and Kenneth S. Rogoff (2009). This Time is Different. Princeton: Princeton University Press.
Simpson, Andrew G. (2009). “Would Gramm Leach Bliley Pass Senator Gramm’s Own Test?’ Insurance Journal, April 4. www.insurancejournal.com/news/national/2009/04/20/99770.htm
Uchitelle, Louis (2010). “Volcker Pushes for Reform, Regretting Past Silence,” New York Times, July 9.
U.S. Department of the Treasury (2009). Financial Regulatory Reform: A New Foundation: Rebuilding Financial Supervision and Regulation, June 17. http://www.financialstability.gov/docs/regs/FinalReport_web.pdf.
U.S. Department of the Treasury (2008). Blueprint for a Modernized Financial Regulatory Structure, March 31. http://www.ustreas.gov/press/releases/reports/Blueprint.pdf
VanHoose, David (2010). The Industrial Organization of Banking, Berlin: Springer-Verlag.