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DESCRIPTION:Can the Banking System Regulate Itself?&nbsp\; Is Government Re
 gulation an Improvement over Laissez Faire?Larry White\, Professor of Econ
 omics\, George Mason University\n\nHistorically\,\nbanking systems have no
 t operated purely on the basis of profit-and-loss market\ndiscipline. Wher
 e the role of market discipline was politically circumscribed\,\nas in the
  United States\, cooperative self-help and self-regulatory institutions\ne
 volved\, particularly clearinghouse associations.&nbsp\; Government regula
 tion\nof banks in the United States has a complex history. Before the New 
 Deal\, our\nbanking system was weakened with geographic and other restrict
 ions\, and since then\nwe have again weakened our banking system with priv
 ileges like (systematically\nunderpriced) deposit guarantees and the promi
 se of “too big to fail”\nrescues.&nbsp\; Much as we use a baseline model o
 f free trade to understand the\nimpact of tariffs and trade restrictions\,
  I propose that we should begin with a\nbaseline model of free banking to 
 understand the impact of bank\nregulation.&nbsp\; Just as many tariffs and
  trade barriers can be understood as\nresulting from fiscal concerns combi
 ned with “rent-seeking\,” so too can many\ncontemporary banking regulation
 s. Apparent rent-seeking actions at the Federal\nReserve Bank of New York 
 during the 2007-9 financial crisis are particularly\ntroubling. The crisis
  gives us a window into the dangers of allowing\ndiscretionary rule by aut
 horities to trump the principle of the rule of\nlaw.&nbsp\;​Parking availa
 ble at a reduced rate in the Irving Garage\, follow directions on Campbell
  Website to the Maxwell School.\n\n&nbsp\;\n\n 
DTEND:20150320T160000Z
DTSTAMP:20260511T152919Z
DTSTART:20150320T140000Z
LOCATION:
SEQUENCE:0
SUMMARY:Bantle Symposium on Business-Government Relations
UID:RFCALITEM639140957595829664
X-ALT-DESC;FMTTYPE=text/html:<p></p><p>Can the Banking System Regulate Itse
 lf?&nbsp\; Is Government Regulation an Improvement over Laissez Faire?</p>
 <p>Larry White\, Professor of Economics\, George Mason University</p><p><b
 r></p><p>\n\n</p><p>Historically\,\nbanking systems have not operated pure
 ly on the basis of profit-and-loss market\ndiscipline. Where the role of m
 arket discipline was politically circumscribed\,\nas in the United States\
 , cooperative self-help and self-regulatory institutions\nevolved\, partic
 ularly clearinghouse associations.&nbsp\; Government regulation\nof banks 
 in the United States has a complex history. Before the New Deal\, our\nban
 king system was weakened with geographic and other restrictions\, and sinc
 e then\nwe have again weakened our banking system with privileges like (sy
 stematically\nunderpriced) deposit guarantees and the promise of “too big 
 to fail”\nrescues.&nbsp\; Much as we use a baseline model of free trade to
  understand the\nimpact of tariffs and trade restrictions\, I propose that
  we should begin with a\nbaseline model of free banking to understand the 
 impact of bank\nregulation.&nbsp\; Just as many tariffs and trade barriers
  can be understood as\nresulting from fiscal concerns combined with “rent-
 seeking\,” so too can many\ncontemporary banking regulations. Apparent ren
 t-seeking actions at the Federal\nReserve Bank of New York during the 2007
 -9 financial crisis are particularly\ntroubling. The crisis gives us a win
 dow into the dangers of allowing\ndiscretionary rule by authorities to tru
 mp the principle of the rule of\nlaw.&nbsp\;​</p><p><br></p><p>Parking ava
 ilable at a reduced rate in the Irving Garage\, follow directions on Campb
 ell Website to the Maxwell School.<br></p><p>\n\n&nbsp\;\n\n </p><p></p>
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