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CHARLES M. HORN

I. Introduction The purpose of this discussion is to provide an overview of the Glass-Steagall Act—that is, of those provisions of U.S. national banking law which create a legal barrier between commercial and investment banking activities conducted in the United States. The focus of this presentation will be on how the legal distinctions between commercial and investment banking in the United States currently are interpreted and applied. This paper will, however, also discuss the origins and development of the Glass-Steagall Act and the prospects for its

International Monetary Fund

Front Matter Page Western Hemisphere Department Contents Summary I. Introduction II. The Demand for Government Deposit Insurance III. Valuation of the Deposit Guarantee IV. Deposit Insurance Reform 1. Timely closure rule for insolvent institutions 2. Risk-related deposit insurance premiums and capital-adequacy standards 3. Reduction in deposit insurance coverage 4. “Narrow” depository institutions V. Reform of the Regulation of Depository Institutions 1. Reform of the Glass-Steagall Act 2. Corporate separateness measures

Mr. Luc E. Leruth and Pierre J. Nicolas

everything, even to self-regulate (the paper also quotes a recent piece by Kay in the Financial Times on the fate of the Glass-Steagall Act); The public at large , because, to some extent, it benefitted from the bubble and fed it (thus, it is not only a victim, it is also an actor), while having a tendency to believe blindly the lines it is fed (e.g., by Madoff). The paper (designed to provide some scientific evidence while remaining a pleasant read) concludes that a Faulkner of economics and finance would be most useful since, like the characters in the short

International Monetary Fund

. However, the activity restrictions placed on banks under the Glass-Steagall Act, which prohibits in the United States affiliations between most commercial banks and firms that are principally engaged in the underwriting and distribution of securities, limited the ability of banks to respond to this change in profitability. 21/ In view of these developments, Greenspan (1990b) , inter alios , proposed the reform of the Glass-Steagall Act while relying on corporate separateness measures and strengthened capital adequacy standards to restrain any possible increase in