Arthur E Wilmarth, Jr, Taming the Megabanks: Why We Need a New Glass-Steagall Act (2020). History is the key to understanding US banking law and regulation. History also repeats itself. Professor Art Wilmarth’s new book sheds new light on these oft-repeated propositions. It tells a multi-layered, richly textured story of how the rise of US universal banks – diversified financial conglomerates clustered around publicly-backed banks – led both to the Great Depression of the 1930s and the Great Recession of the post-2008 era. On that basis, it makes a case for breaking up today’s universal banks and shadow banks and reestablishing the legal wall separating banking from the capital markets … (more)
[Saule T Omarova, JOTWELL, 29 January]
First posted 2021-01-30 13:40:54
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