Although most Americans attribute shifting practices in the
financial industry to the invisible hand of the market, Mark H.
Rose reveals the degree to which presidents, legislators,
regulators, and even bankers themselves have long taken an active
interest in regulating the industry. In 1971, members of Richard
Nixon's Commission on Financial Structure and Regulation described
the banks they sought to create as "supermarkets." Analogous to the
twentieth-century model of a store at which Americans could buy
everything from soft drinks to fresh produce, supermarket banks
would accept deposits, make loans, sell insurance, guide mergers
and acquisitions, and underwrite stock and bond issues. The
supermarket bank presented a radical departure from the financial
industry as it stood, composed as it was of local savings and
loans, commercial banks, investment banks, mutual funds, and
insurance firms. Over the next four decades, through a process Rose
describes as "grinding politics," supermarket banks became the
guiding model of the financial industry. As the banking industry
consolidated, it grew too large while remaining too fragmented and
unwieldy for politicians to regulate and for regulators to
understand-until, in 2008, those supermarket banks, such as
Citigroup, needed federal help to survive and prosper once again.
Rose explains the history of the financial industry as a story of
individuals-some well-known, like Presidents Kennedy, Carter,
Reagan, and Clinton; Treasury Secretaries Donald Regan and Timothy
Geithner; and JP Morgan CEO Jamie Dimon; and some less so, though
equally influential, such as Kennedy's Comptroller of the Currency
James J. Saxon, Citicorp CEO Walter Wriston, and Bank of America
CEOs Hugh McColl and Kenneth Lewis. Rose traces the evolution of
supermarket banks from the early days of the Kennedy
administration, through the financial crisis of 2008, and up to the
Trump administration's attempts to modify bank rules. Deeply
researched and accessibly written, Market Rules demystifies the
major trends in the banking industry and brings financial policy to
life.
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