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Essay / Research Paper Abstract
An 8 page paper discussing bank deregulation over the years, but focusing on the Gramm-Leach-Bliley Act of 1999, which provides the most comprehensive array of freedoms to date by dispensing with rules against banks intermingling with other types of activities in the financial services industry, and they now can act as brokers and sell insurance. Combined with new geographical freedoms, the banking industry has changed dramatically over the past several years. Adding the electronic environment component finishes one phase of banking’s evolution and ushers it into another. Bibliography lists 10 sources.
Page Count:
8 pages (~225 words per page)
File: CC6_KSbankDereg.rtf
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Unformatted sample text from the term paper:
banking industry was tightly and closely regulated following the 1929 stock market crash. Federal rules were rigid, and states added their own. States gradually have been discarding rules
that hinder banks abilities to compete effectively, and federal rules have been relaxed as well. The Gramm-Leach-Bliley Act of 1999 provides the most comprehensive array of freedoms to date,
dispensing with rules against banks intermingling with other types of activities in the financial services industry, and they now can act as brokers and sell insurance. Combined with new
geographical freedoms, the banking industry has changed dramatically over the past several years. Adding the electronic environment component finishes one phase of bankings evolution and ushers it into another.
Effect on Geographical Expansion Colorado became the last state to dispense with prohibition against banks operation of more than a single office in
1991 (Berger, Kashyap and Scalise, 1995). The McFadden Act of 1927 essentially forbade interstate branching. That prohibition would survive until 1995; Gramm-Leach-Bliley further relaxes rules against interstate operation
(Berger, Kashyap and Scalise, 1995; p. 190). The "merger mania" of the early- and mid-1990s appears to have slowed dramatically, in part because
there are so many fewer distinct banks now than at the end of the 1980s. One of the casualties of the "new economy" was to be the traditional setting
for banking and stock trading, and in many ways those predictions have been realized. Some predicted that traditional banking soon would be a thing of the past, only to
find that even those who conduct most of their banking online still want to be able to visit a branch of their banks. The final result is that "there
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