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Nevertheless, a first assessment of the report leads us to reiterate our doubts about the need for further regulatory reforms for the banking industry. The ESBG is of the opinion that there is an excess of financial regulation taking place that might result in an excessive and inflexible regulation, and in many cases will lead to overlaps between the different regulations, as well as unintentional consequences. The Liikanen Group’s proposals aim to tackle some of the problems that have been addressed by different regulation proposals such as CRD IV, the Crisis Management proposal, Governance and the DGS Review. Given. | lilt SSL ECONDM.CANDPOUCY RESEARCH A Short History of Financial Deregulation in the United States Matthew Sherman July 2009 Center for Economic and Policy Research 1611 Connecticut Avenue NW Suite 400 Washington D.C. 20009 202-293-5380 www.cepr.net CEPR A Short History of Financial Deregulation in the United States. i Contents Timeline of Key Events.1 Introduction.3 Background.3 Usury Laws.5 Removing Interest Rate Ceilings.6 Repealing Glass-Steagall.8 Hands-Off Regulation.10 Inflating the Bubble.12 Crisis .13 About the Author Matthew Sherman is a Research Assistant at the Center for Economic and Policy Research in Washington D.C. Acknowledgments The author thanks Dean Baker for helpful comments. CEPR A Short History of Financial Deregulation in the United States 1 Timeline of Key Events Congress authorize the TARP Marquetie vs. First of Omaha Commodity F utures Modernizatic n Act Depository Institutions Dere gulation and Monetary Control Act Gramm-Leach-Bliley Act repea s Glass-Steagall restrictions Citicorp-Travelers mere er Gar n-St. Germain Act 1977 1980 1983 1987 Riegle-Neal Interstate Banking and Branching Efficiency Att 1990 1993 1996 2000 Lehman Brothers files for bankruptcy Bear Stearns collapses Subprime I 1 mortgage crisis 2003 2006 PublicPrivate I nvestment Program 2010 FSLIC fund declared insolvent Financial Institutions Reform and Recovery Act Federal Reserve reinterprets Glass-Steagall SEC proposes voluntary regulation Federal Reserve creates first special lending facility Fannie Mae and Freddie Mac placed in conservatorship 1978 Marquette vs. First of Omaha Supreme Court allows banks to export the usury laws of their home state nationwide and sets off a competitive wave of deregulation resulting in the complete elimination of usury rate ceilings in South Dakota and Delaware among others. 1980 Depository Institutions Deregulation and Monetary Control Act - Legislation increases deposit insurance from 40 000 to 100 000 authorizes new authority to .
