Abstract
Analysts and participants remark on the seeming inability of the political system in the US to enact legislation to modernize the financial system. The conventional wisdom is that there must be a crisis in the US to act as a catalyst for action. Only in a crisis can a consensus be reached: and consensus is a sine qua non for US legislative action. Laws enacted during a crisis run the risk of being reactionary and not designed to anticipate the economy’s future financial needs.
The author thanks Richard Carnell, former Senior Counsel to the Senate Banking Committee, and now Assistant Secretary for Financial Institutions, Department of the Treasury for help in understanding US legislative procedures, Richard Saunders of the British Embassy in Washington for information on recent financial legislation in Britain, Amy Kostanecki for assistance in tracking US political configurations, and Professor Thomas Mayer of the University of California at Davis for his comments on an earlier draft.
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© 1996 Dimitri B. Papadimitriou
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Garcia, G. (1996). The Political Economy of Financial Reform in the US and the UK. In: Papadimitriou, D.B. (eds) Stability in the Financial System. The Jerome Levy Economics Institute Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-24767-7_7
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DOI: https://doi.org/10.1007/978-1-349-24767-7_7
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