Abstract
Barriers to change have been created in the United States financial system due, to a large extent, to the conflicts of interest that politicians have between state bank and national bank interests. Because smaller state banks outnumber larger national banks, the political environment has favored protected state interests over the competitive interests of national banks and foreign banks. One political solution has been to create a volume of laws and regulations out of proportion to all other countries. This legal structure creates many classes of banks with different regulatory entitlements. This has worked against competition in general and has been specifically restrictive for foreign.banks whose home countries have more permissive banking powers.
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Pattison, J.C. (1997). Trade in Financial Services in NAFTA: A Public Choice Approach. In: von Furstenberg, G.M. (eds) Regulation and Supervision of Financial Institutions in the NAFTA Countries and Beyond. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-5374-4_7
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DOI: https://doi.org/10.1007/978-94-011-5374-4_7
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