Umbrella supervision

Joseph Haubrich and James Thomson

Economic Commentary, 2005, issue Sep

Abstract: Deregulation and financial consolidation have led to the development of financial holding companies?allowing commercial banking, insurance, investment banking, and other financial activities to be conducted under the same corporate umbrella?and the Federal Reserve has been named supervisor of the consolidated enterprise. This Commentary explains the increasing importance of an umbrella supervisor amid the sea of regulatory agencies, and why the Fed may be the best natural choice, both practically and conceptually, to assume the role.

Keywords: Bank supervision; Federal Reserve System (search for similar items in EconPapers)
Date: 2005
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