Since the 1930s, when commercial and investment banking were first split apart, the rationale for such a separation has been called into question. Today, it may finally be time to reunite the two and let banks diversify into other lines of business.
The Humphrey-Hawkins legislation directs the Fed to achieve numerous goals, inviting it to respond to current events with a change in policy direction. Why a long-term, single-goal strategy is a better idea.
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