With full-service nationwide banking on the verge of becoming a
reality in the U.S., here is a thoughtful analysis of how it
emerged and what its effects will be. Dr. Rose is frankly
skeptical. He sees advantages but he also predicts significant
disadvantages, mainly in the form of possibly higher fees and
reduced personal attention for consumers of banking services. His
book provides the best summary available of the research findings
to date and one of the best summaries of new federal interstate
banking rules enacted by Congress and signed into law in 1994. This
is an important book not only for executives engaged in
government-relations work throughout the financial services
industry, and for those engaged in marketing and strategic
planning, but also for public policy people in the private and
public sectors.
Dr. Rose opens his book with an overview of the trend in U.S.
banking towards a consolidated banking system similar to those in
other industrialized nations, particularly Canada, Great Britain,
and Germany. He identifies causes of this movement toward
consolidation, attributable to governmental interventions and the
exigencies of the private sector marketplace. He reviews the long
history of federal and state restrictions against interstate
banking and then explains how laws passed in the 1990s are
permitting giant nationwide banking companies to emerge. What does
this mean for the public, bankers, and investors? Less than what
people think and have hoped for. Dr. Rose warns that many of the
benefits expected from interstate banking will probably be
nonexistent or at best meager. His book will certainly prove to be
a vital resource for anyone involved in the banking industry and
for those who influence it.
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