U.S. Financial Regulations

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Presentation transcript:

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 BANKING SECURITIES INSURANCE safety and soundness of banks market integrity, investor protection ability of insurance firms to meet their commitments to the insured federal (Fed, OCC) and state regulators federal (SEC) state regulators

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

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

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

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 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 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 global standards and harmonization IMF WORLD BANK BRETTON WOODS BASEL ACCORDS EUROPEAN UNION FINACIAL SERVICES PLAN

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