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Banking Regulation and Globalization$
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Andreas Busch

Print publication date: 2008

Print ISBN-13: 9780199218813

Published to Oxford Scholarship Online: January 2009

DOI: 10.1093/acprof:oso/9780199218813.001.0001

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The United States: Deadlock Through Fragmentation

The United States: Deadlock Through Fragmentation

(p.33) 3 The United States: Deadlock Through Fragmentation
Banking Regulation and Globalization

Andreas Busch (Contributor Webpage)

Oxford University Press

This chapter begins by examining the historical development of state policy towards the banking sector and its implications for the new challenges which have emerged in the last few decades. It then describes the different private and state actors who have tried to exert influence over the banking regulation system. The final section analyzes the ongoing debate over the implementation of regulatory reforms of the banking system before looking at the defining characteristics of this policy field in the United States. It argues that in the United States, a political reform of the restrictive 1930s New Deal banking regulation largely failed in the 1980s and 1990s. Deadlock was caused by path-dependent ‘lock-in’ even though there was, by and large, agreement on the necessity of change, as evidenced by the crisis of the Savings & Loans sector in the late 1980s. As Congress, with its adversarial political style, and many veto players produced blockade, courts and regulatory agencies provided a safety valve functions in the system through a reinterpretation of existing regulations.

Keywords:   banking sector, banking system, state regulation, banking regulation, banking policy, American banking industry

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