Journal of Economic Perspectives: Vol. 6 No. 1 (Winter 1992)


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An Evaluation of the Treasury Plan for Banking Reform

Article Citation

Mishkin, Frederic S. 1992. "An Evaluation of the Treasury Plan for Banking Reform." Journal of Economic Perspectives, 6(1): 133-153.

DOI: 10.1257/jep.6.1.133


The Treasury plan for banking reform--Modernizing the Financial System: Recommendations for Safer More Competitive Banks--was released on February 5, 1991 (U.S. Treasury, 1991), and has a stated purpose of promoting a safe, sound, and competitive banking system. It contains recommendations for the most thorough overhaul of the banking regulatory system since the Great Depression. This paper provides a framework for understanding the U.S. banking regulatory system and how it has produced the current crisis in the banking industry, and uses this analysis to evaluate the Treasury plan.

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Mishkin, Frederic S. (Columbia U and NBER)

JEL Classifications

G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages


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