Governing Banking’s Future: A View from the Fed

  • H. Robert Heller
Part of the Innovations in Financial Markets and Institutions book series (IFMI)


No one who studies the history of American banking can fail to be struck by the ever-present tension between market forces and the regulatory presence. In the early years of the Republic, the First and Second Banks of the United States provided an anchor to America’s emerging banking system, but many Americans saw those institutions as an anchor that impeded progress, not as one that provided needed stability. Thus, it was no great surprise, when the charter of the Second Bank of the United States expired in 1836, that the nation let the marketplace determine the shape of banking, and a quarter century of free-wheeling banking by state-chartered institutions ensued.


Central Bank Banking System Federal Reserve National Treatment Federal Deposit Insurance Corporation 
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  1. Gilbert, R. Alton. 1988. “A Comparison of Proposals to Restructure the U.S. Financial System.” Federal Reserve Bank of St. Louis Review 70 (July/August): 58–75.Google Scholar

Copyright information

© Kluwer Academic Publishers 1991

Authors and Affiliations

  • H. Robert Heller

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