In America the rules to implement the Dodd-Frank act are beginning to take shape. Passed last year, the law runs to 2,319 pages, but it is little more than a statement of intent. Before it can take effect, 11 different agencies have to write the detailed regulations. These will redefine much of the industry in America and around the world, reversing decades of deregulation in finance in the worlds biggest economy.
One key provision is the separation of investment banking from commercial banking, known as the Volcker rule. It will restore some elements of the Depression-era regulatory regime that was meant to ensure that commercial banks did not speculate with protected deposits by forbidding them from trading securities. Other regulations in America will set the fees that some of the worlds biggest retail banks can charge when one of their customers swipes a debit card. These make no pretence to making banking safer, but reflect politicians anger at banks and suspicions of those who run them.
Britain, for long the most enthusiastic champion of financial deregulation, is going further still, pondering whether banks retail arms should be so tightly regulated that they become little more than public utilities. Mervyn King, the governor of the Bank of England, in a recent speech in New York wondered aloud whether the use of deposits to fund loans should be outlawed. In essence, he was questioning a basic building block of modern banking. In April a government-appointed commission said that Britains banks should wall off their retail arms so they could be salvaged if the rest of the business were to collapse. It is also trying to devise resolution regimes and living wills to reduce the harm done when banks collapse, and it wants more competition in retail banking.
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2016-02-26
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