52 Va. L. Rev. 565 (1966)
Our Baffling Banking System ; Hackley, Howard H.

handle is hein.journals/valr52 and id is 589 raw text is: VIRGINIA LAW REVIEW VOLUME 52 May 1966 NUMIBER 4 ARTICLES OUR BAFFLING BANKING SYSTEM Howard H. Hackley* In this first of two parts, the author traces the history of banking regulation and the pattern of conflict that has developed in recent years. After delineating the respective powers and duties of the Federal Reserve Board, the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, Mr. Hackley examines the clashes of jurisdiction and enforcement which have occurred among these agencies. In the second part, to be published in the June issue, the author will discuss proposals for resolving the present confusion and conflict and make recommendations to bring order to federal banking regulation. INTRODUCTION S INCE the days of Alexander Hamilton and Andrew Jackson, regula- tion of banks in the United States has been marked by contro- versy, conflict, and confusion. In recent years, however, controversies and conflicts in this field have attained extraordinary proportions; and it seems likely that major changes in our present bank regulatory system-if it can be called a system-are in the offing. The purposes of this Article are to relate the manner in which this system has devel- oped, to describe the sources of the present confusion, and to analyze proposals for changes in the system. At the outset, it is important to note a basic fact that is largely re- sponsible for the complexity of our banking structure. This is the fact that the United States has four different classes of commercial banks' * General Counsel of the Board of Governors -of the Federal Reserve System. B.A., 1929, LL.B., 1931, University of Virginia; LL.M., 1932, Columbia University. The writer is solely responsible for the views expressed herein and they do not necessarily reflect the views of the Board of Governors of the Federal Reserve System or of any other person. 1 The term commercial bank is here used as meaning a corporation that engages in [565 ]

Purchase Short-Term Access to HeinOnline

Prices starting as low as $29.95

Already a Subscriber?

What Is HeinOnline?

Learn More About the Law Journal Library (pdf)

We also offer annual subscriptions to universities, colleges, law firms, organizations, and other institutions. To request a quote please visit http://home.heinonline.org/subscriptions/request-a-quote/

Please note: the content in the Law Journal Library is constantly changing and some content has restrictions as required per the license. Therefore, please review the available content via the following link to ensure the material you wish to access is included in the database. For a complete list of content included in the Law Journal Library, please view http://www.heinonline.org/HOL/CSV.csv?index=journals&collection=journals