Umbrella supervision and the role of the central bank

Joseph Haubrich and James Thomson

Policy Discussion Papers, 2005, issue Dec

Abstract: Deregulation and financial consolidation have led to the development of financial holding companiesallowing commercial banking, insurance, investment banking, and other financial activities to be conducted under the same corporate umbrellaand the Federal Reserve has been named supervisor of the consolidated enterprise. This Policy Discussion Paper will show that there likely are economies of scope between the Feds inherent central-banking responsibilities and those of an umbrella supervisor and that these duel roles benefit both the Fed and functional regulators.

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