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We Must Protect Investors and Our Banking System from the Crypto Industry

by

Arthur E. Wilmarth Jr.

It’s Time to Regulate Stablecoins as Deposits and Require Their Providers to Be FDIC-Insured Banks

In November 2021, the President’s Working Group on Financial Markets (PWG) issued a report analyzing the rapid expansion and growing risks of stablecoins. Stablecoins are digital assets that...

by

Arthur E. Wilmarth Jr.

Wirecard and Greensill Scandals Confirm Dangers of Mixing Banking and Commerce

The pandemic crisis has accelerated the entry of financial technology (‘fintech’) firms into the banking industry. Some of the new fintech banks are owned or controlled by commercial enterprises. As...

by

Arthur E. Wilmarth Jr.

Taming the Megabanks: Why We Need a New Glass-Steagall Act

Banks became major participants in US securities markets twice in the past century—during the 1920s and after the mid-1990s. Both times, banks with ‘universal banking’ powers originated risky loans and...

16 October 2020

by

Arthur E. Wilmarth Jr.

The Death of Glass-Steagall Was Carefully Planned and Highly Consequential

The death of the Glass-Steagall Act was the result of affirmative policy decisions by federal regulators and Congress. It was not the inevitable byproduct of market forces. Economic disruptions and...

8 November 2018

by

Arthur E. Wilmarth Jr.

Prelude to Glass-Steagall: Abusive Securities Practices by National City Bank and Chase National Bank During the 'Roaring Twenties'

From the late 1990s through 2008, the United States experienced the largest boom-and- bust cycle in its securities and housing markets since the “Roaring Twenties” and the Great Depression. Scholars...

4 September 2016

by

Arthur E. Wilmarth Jr.

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