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U.S. Financial Regulations. COURSE OVERVIEW. 1) INTRODUCTION 2) FINANCIAL INSTITUTIONS & SERVICES 3) LEGAL SOURCES & DEVELOPMENTS 4) BANKING, SECURITIES, INSURANCE 5) FINANCIAL CRISIS & REFORMS 6) INTERNATIONAL FINANCIAL SYSTEMS 7) CLASS PRESENTATIONS. INTRODUCTION. REGULATORY SYSTEM.

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Presentation Transcript
course overview
COURSE OVERVIEW

1) INTRODUCTION

2) FINANCIAL INSTITUTIONS & SERVICES

3) LEGAL SOURCES & DEVELOPMENTS

4) BANKING, SECURITIES, INSURANCE

5) FINANCIAL CRISIS & REFORMS

6) INTERNATIONAL FINANCIAL SYSTEMS

7) CLASS PRESENTATIONS

banking
BANKING

DEPARTMENT OF THE TREASURY

  • OFFICE OF THE COMPTROLLER OF THE CURRENCY (OCC)
    • 1863 National Currency Act
    • 1865 National Banking Act
    • charter and examine national banks
    • dual banking system (state vs. national banks)
  • OFFICE OF THE THRIFT SUPERVISION (OTS)
    • regulate formation and management of thrifts (federally-chartered savings and loan associations; manage large savings deposits and issue mortgages)
  • government revenues
  • US currency
banking1
BANKING

FEDERAL RESERVE SYSTEM (FED)

  • 1913 Federal Reserve Act
  • central bank and lender of last resort
  • monetary policy and payment system
  • monitor holding companies (incl. banks)
  • promote stable prices and economic growth
  • Board of Governors
  • 12 regional reserve banks
banking2
BANKING

FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)

  • 1933 Banking Act (“Glass-Steagall Act”)
    • commercial banking (taking deposits, making loans)
    • investment banking (underwriting and dealing in securities)
  • deposit insurance for commercial banks
  • funded with insurance premiums paid by participating banks
  • moral hazard problem despite market discipline and banking supervision
  • minimum capital requirements
  • disclosure and transparency
  • Basel I + II
banking3
BANKING

1933 Banking Act (“Glass-Steagall Act”)

  • commercial vs. investment banking

1956 Bank Holding Company Act

  • limit commercial banks

1999 Financial Services Modernization Act (“Gramm-Leach-Bliley Act”)

  • revoke Glass-Steagall Act / Bank Holding Act
  • permit financial holding companies (FHC) combining
    • commercial banks (Fed, OCC)
    • investment banks (SEC)
    • insurance companies (state regulators)
securities
SECURITIES

NEW YORK STOCK EXCHANGE (NYSE)

  • 1929 stock market crash
  • 1933 Securities Act (primary market)
  • 1934 Securities Exchange Act (secondary market)

SECURITIES AND EXCHANGE COMMISSION (SEC)

  • 1934 Securities Exchange Act
  • independent government agency
  • primary regulator of securities markets
  • regulatory authority over securities firms (“broker-dealers”)

NATIONAL ASSOCIATION OF SECURITIES DEALERS (NASD)

SECURITIES INVESTOR PROTECTION CORPORATION (SIPC)

financial crisis and reform
FINANCIAL CRISIS AND REFORM

Many countries (e.g. UK) have consolidated their financial regulatory structure, but the US has chosen to maintain its structure.

Financial Services Regulators communicate across financial sectors, but do not effectively identify cross-cutting risks, fraud and abuse.

Need to monitor risks across

  • markets
  • industries
  • national borders
international systems
INTERNATIONAL SYSTEMS

global standards and harmonization

IMF

WORLD BANK

BRETTON WOODS

BASEL ACCORDS

EUROPEAN UNION FINACIAL SERVICES PLAN