Chapter Ⅰ.Evolution of Banking and Fi-nancial Institutions Law 1
A.Introduction 1
B.Earlier Money and Banking 3
1.National Banks and Currency 5
2.Spread of Corporate Banking 6
C.Banking Development in the United States 8
1.First and Second Bank of the United States 8
2.Free Banking ERA 10
3.National Banking Act and the Dual Banking System 11
4.Federal Reserve System and the Great Depression 14
5.New Deal Reforms 16
6.World War Ⅱ Finance 18
7.Postwar Prosperity and Policies 19
D.Economic Strains and Electronic Finance 25
Chapter Ⅱ. Money and Banking 29
A.Money,Central Banking,and the Federal Reserve System 29
Table Ⅱ-1 Growth of U.S. Commercial Banking,1792-1995 32
1.Financial Beginnings and the Banks of the United States 33
2.Decentralized Banking,1837-1913 40
3.Civil War and the Dual Chartering System 41
4.Federal Reserve System,1913-32 45
a.Establishment of the Federal Re-serve 45
b.World WarⅠ and the Twenties 49
c.The Great Depression 51
5.New Deal Reforms and the Federal Reserve,1933-41 53
6.World War Ⅱ and Postwar Adjust-ments,1941-51 61
Chart Ⅱ-1 Monetary Policy Guidelines 66
7.Monetary and Economic Policy,1951-Present 68
a.Truman-Eisenhower,1951-60 69
b.Kennedy-Johnson,1961-68 70
c.Nixon-Ford,1969-76 71
d.Carter,1977-80 75
e.Reagan,1981-88 77
f.Bush 84
g.Clinton 88
h.Lessons for Policy 92
B.Guidelines and Constraints 98
1.Instruments of Monetary and Banking Policy 99
Chart Ⅱ-2 Monetary Instruments,Targets and Policy Goals 100
a.Open Market Operations 101
b.Reserve Requirements 103
c.Discount Rates 105
d.Credit Controls 107
2.Government Debt Policies,Deficits,and World Market 110
Chapter Ⅲ. Banking Market Regulation 117
Chart Ⅲ-1 Agency Supervision and Exami-nation Authority(partly over-lapping jurisdiction) 118
A.Chartering and Entry Requirements 120
Table Ⅲ-1 New Bank Charters,1935-1994 121
B.Bank Insurance and Supervision 131
Table Ⅲ-2 Bank Failures,FDIC Payoffs and Assumptions,1934-94 133
Chart Ⅲ-2 Balance Sheets for Banking In-stitutions 139
C.Bank Supervision and Preventing Failure 140
Chart Ⅲ-3 Income Statements(Cash Flow Accounts)for Banking Insti-tutions 140
D.Specific Limitations on Bauking Activities 155
1.Lending Limits 156
2.Bank Affiliate Transactions 158
3.Insider Lending 160
4.Borrowing Limits 162
5.Bribery,Fraud,and Extortion 163
6.Securities Marketing and Commercial Banking 164
7.Trust Accounts and Departments 170
8.Regulation of Interest on Deposit Ac-counts 172
9.Prohibition of Interest on Demand De-posits 173
10.Truth-in-Lending 175
11.Credit Cards and Electronic Banking 176
12.Fair Credit Reporting and Privacy 178
13.Discrimination in Credit 180
E.Constraints Upon Branching,Holding Companies and Mergers 184
1.Branching Laws 185
2.Bank Holding Companies 191
3.Bank Mergers 197
(b)Post-merger H between 1000 and 1800 207
(a)Post-merger H below 1000 207
(c)Post-merger H above 1800 208
4.EFT Access and Pricing 210
F.International Banking 213
1.U.S.Banking Abroad 215
2.Foreign Banks in the U.S. 221
3.Recent Controversy and Problems 224
Chapter Ⅳ. Thrift Institutions 236
Table Ⅳ-1 Development of U.S. Thrift In-stitutions:Mutual Savings Banks,Savings＆Loan Asso-ciations,and Credit Unions,1816-1995 238
A.Savings Bank Regulation 242
B.Savings and Loan Association Regulation 250
C.Inflation,Disintermediation and Crisis 264
D.Regulating Thrifts in Transition 269
E.Credit Union Regulation 283
A.Role of Securities Markets 299
Chapter Ⅴ. Securities Market Regula-tion 299
Chart Ⅴ-1 Financial Intermediation and Securities Markets 301
Table Ⅴ-1 U.S. Securities Facts 304
B.United States Securities Regulation Sys-tem 305
Chart Ⅴ-2 Securities Regulation System 307
1.Scope of Securities Regulation 308
2.Registration and Disclosure Process 309
3.Public Companies and Trading Limita-tions 311
4.Margin Trading Restrictions 314
C.Securities Exchanges and Trading 317
D.Regulation of Securities Firms 321
1.Underwriters and Investment Banking 321
2.Dealer-Broker Network and the NASD 326
3.Securities Investor Protection Corpo-ration 329
E.Investment Companies and Mutual Funds 332
Chapter Ⅵ. Insurance Regulation 342
A.Development of Insurance and Regulation 344
Table Ⅵ-1 U.S. Insurance Facts 347
Chart Ⅵ-1 Insurance Regulation System 356
B.Main Features of Insurance Regulation 357
1.Chartering,Entry and Licensing 358
2.Capital,Reserves and Solvency 359
3.Rate Making and Filings 363
5.Standard Contracts and Customer Protection 367
4.Financial Reporting 367
C.Socialized Risk Coverage 369
Table Ⅵ-2 Socialized Insurance 370
1.Shortcomings and Reforms 373
D.Possible Reforms and Federal Regulation 373
2.Federal Regulation 378
3.Banking and Insurance Controversies 382
Chapter Ⅶ. Pension Funds,Retire-ment Accounts and Social Security 388
Table Ⅶ-1 U.S. Pension Facts 389
A.Historical Development 392
B.Pension Plan and Funding Regulations 400
1.Participation and Vesting 404
2.Funding Requirements 405
3.Investment Regulation 408
4.Reporting and Disclosure 411
5.Pension Benefit Guaranty Corporation 411
C.Individual Retirement Accounts 415
D.Social Security,Pensions and Funding Conflicts 419
Table Ⅶ-2 Social Security Taxes,Interest,Benefit Payments and Trust Fund Assets,1937-1994(mil-lions) 421
A.Current Controversies 429
Chapter Ⅷ. Controversies and Pros-pects 429
B.Government Deficits and Monetary Policy 431
C.International Banking and Finance Prob-lems 436
D.Restructuring Financial Markets 440
Table Ⅷ-1 U.S. Financial Intermediary As-sets,1929-1994 443
Chart Ⅷ-1 Traditional Market Participa-tion Among Financial Institu-tions 444
Chart Ⅷ-2 Potential Restructuring of Mar-ket Participation Among Fi-nancial Institutions 445
E.Changing Regulatory Organization and Framework 457
INDEX 461
INDEX 461