|Briefing Paper No. 45||March 12, 1999|
by Randall S. Kroszner
Randall S. Kroszner is an associate professor of economics in the Graduate School of Business at the University of Chicago.
Legislation on financial services modernization has taken on special urgency since the banking industry is transforming itself through mergers stretching across financial services and across countries. Phil Gramm (R-Tex.), the new chairman of the Senate Banking Committee, has made bank regulatory reform his "number-one priority." A review of historical and contemporary evidence shows how market forces can address concerns about consumer protection and the soundness of the financial system. The financial services modernization legislation thus should
|Full Text of Briefing Paper No. 45 (PDF, 26 pgs, 80 Kb)|
© 1999 The Cato Institute
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