Essay: Laws Designed to improve Competitive position of Banks in US
Very few banking laws were designed to improve the competitive position of U.S. banks. One example is the 1919 Edge Act, which liberalised the powers of U.S. banks outside the country. A second example is the 1994 Riegle-Neal Interstate Banking Act which removed almost all geographic barriers, but only after those barriers had been largely penetrated by state and regulatory action. In recent years, the bank regulators have attempted to expand bank powers in such areas as securities affiliates and insurance sales.
The question whether these three policy objectives should continue to shape banking law in the US has been sharpened by three crucial trends that will almost certainly shape banking business in the new century. The first trend is increased competition for banking services from non-banking institutions. The second is the globalisation and consolidation of the banking industry outside the US, often with governmental encouragement. The third, and potentially most important trend, is the delivery of banking services through new technology, the computer and Internet. Because banking law is by definition political, predictions as to its future are hazardous.
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