Historical review of “umbrella supervision” by the Board of Governors of the Federal Reserve System
AbstractThe article reviews legislative history and supervisory practices related to bank holding companies with a view toward understanding what Congress meant by referring to the Board of Governors of the Federal Reserve System as the “umbrella supervisor” in the Gramm-Leach-Bliley Act. The first part of the article looks at the historical development of bank holding company law and regulation, which laid the foundation for the current practice of umbrella supervision. The second part of the article provides answers to questions related to the Board’s current role as umbrella supervisor: What does “umbrella supervision” mean, and is it different from “consolidated supervision”? How does the GLB Act limit the Board's authority and practice and when did the Board obtain all of the legal authority to allow it to practice umbrella supervision?
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Bibliographic InfoPaper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 0807.
Date of creation: 2008
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-11-11 (All new papers)
- NEP-HIS-2008-11-11 (Business, Economic & Financial History)
- NEP-MON-2008-11-11 (Monetary Economics)
- NEP-REG-2008-11-11 (Regulation)
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- Yoo, Y. Emilie, 2013. "Financial regulation and supervision across business lines in the United States: Financial holding companies post Gramm-Leach-Bliley Act," IMFS Working Paper Series 76, Institute for Monetary and Financial Stability (IMFS), Goethe University Frankfurt.
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