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Journal of Economic Perspectives: Vol. 14 No. 2 (Spring 2000)

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Policy Watch: The Repeal of Glass-Steagall and the Advent of Broad Banking

Article Citation

Barth, James R., R. Dan Brumbaugh, and James A. Wilcox. 2000. "Policy Watch: The Repeal of Glass-Steagall and the Advent of Broad Banking." Journal of Economic Perspectives, 14(2): 191-204.

DOI: 10.1257/jep.14.2.191

Abstract

Enactment of the Gramm-Leach-Bliley Act (GLBA) in November 1999 effectively repealed the long-standing prohibitions on the mixing of banking with securities or insurance businesses and thus permits "broad banking." We attribute repeal of these prohibitions to the increasingly persuasive evidence from academic studies of the pre-Glass-Steagall era, the recent favorable experience in the United States following partial deregulation of banking activities, the experience of banking systems abroad with broader scopes for banking activities, and rapid technological change in telecommunications and data processing. How regulators will in practice coordinate their efforts so that the safety and soundness of the banking system is maintained efficiently remains to be seen.

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Authors

Barth, James R. (Auburn U and Milken Institute)
Brumbaugh, R. Dan (Milken Institute)
Wilcox, James A. (Office of the Comptroller of the Currency, Washington, DC)

JEL Classifications

G28: Financial Institutions and Services: Government Policy and Regulation
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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