米国における金融・資本市場改革の展開

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きみかずさんきち
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1 1980 DIDMCA & 1989 FIRREA 1991 FDICIA Gramm-Leach- Bliley Act P.L , 113 STAT Glass-Steagall Act P.L , 48 STAT & Savings and Loan Association ;

2 , Jeffersonian Democracy Board of Governors of the Federal Reserve System : FRB Federal Reserve Board FRB 1935 Banking Act of 1935 P.L , 49 STAT. 684 Regulation Q 1927 Mc- Fadden Act of 1927 P.L , 44 STAT. 1224, 1986, ;, 2002, pp National Bank State Bank 1935 Federal Deposit Insurance Corporation : FDIC

3 Unit Banking System FDIC 1956 Bank Holding Company Act of 1956 P.L , 70 STAT. 133 Douglas Amendment Bank Holding Company Act Amendments of 1970 P.L , 84 STAT

4 DIDMCA FRB : MMMF disintermediation : CD 1978 MMC, 1996, pp single maturity multiple maturities

5 MMMF MMC Money Market Certificate : Depository Institutions Deregulation and Monetary Control Act of 1980 DIDMCA P.L , 94 STAT. 132 Q CMA mutual savings bank savings and loan association : & 1966 P.L , 80 STAT DIDMCA S&L & & & Report of the President's Commission on Financial Structure and Regulation, U.S. Government Printing Office, December Recommendations for Change in the U.S. Financial System, Department of the Treasury, August 3, 1973 (and Revised, September 24,1973). Cash Management Account : MMMF

6 1980 Depository Institutions Deregulation Committee; DIDC DIDC Depository Institutions Act of 1982 Garn-St Germain Act P.L , 96 STAT DIDC 12 MMMF MMDA MMDA DIDC MMMF FRB FDIC FHLBB NCUA DIDC interstate banking interstate branching 1992 State of Connecticut, Department of Banking, "Bank Geographic Structure" interstate banking

7 14 intrastate branching Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994, P.L , 108 STAT interstate banking interstate branching Community Reinvestment Act of 1977 CRA P.L , 91 STAT acquisition de novo interstate banking interstate branching 1997 opt-out 1997 interstate branching opt-in intrastate branching Philip E. Strahan, "The Real Effects of U.S. Banking Deregulation", The Federal Reserve Bank of St. Louis Review (July/August 2003) : pp CRA 1960, 2001, pp ; -ISSUE BRIEF- 345,

8 18 19 & FHLBB Section 20 subsidiary FRB Fed Order 1987 FRB CP FRB p.80., 2002, pp

9 Jake Garn S.1720 MMMF CP S Financial Modernization Act of 1988 S.1886 William Proxmire HR & & FHLBB 21 re-regulation deregulation plus new regulation, pp pp FHLBB &, 1994, pp

10 & & 22 & & & & & Federal Savings and Loan Insurance Corporation : FSLIC 1986 FSLIC Competitive Equality Banking Act of 1987 CEBA P.L , 101 STAT. 552 FSLIC 107 5,000 & 1988 FSLIC 750 & Financial Institutions Reform, Recovery, and Enforcement Act of 1989 FIRREA P.L , 103 STAT. 183 FSLIC FDIC Bank Insurance Fund : BIF Savings Association Insurance Fund : SAIF & FHLBB Office of Thrift Supervision : OTS Federal Housing Finance Board :FHFB Resolution Trust Corporation : RTC Modernizing the Financial System : Recommendations for Safer, More Competitive Banks, 1986 Federal Deposit Insurance Corporation FDIC, History of the Eighties-Lessons for the Future New York: Federal Deposit Insurance Corporation, 1997 p.179 S&L & &

11 Financial Services Holding Company : FS HC Diversified Holding Company : DHC S.713, HR Federal Deposit Insurance Corporation Improvement Act of 1991 FDICIA P.L , 105 STAT FDIC 1995 FDIC "Too Big To Fail " FDIC FDIC BIF pp , 2002, pp

12 MMDA MMMF MMMF 1990 MMMF MMDA FRB securitization 1970 GNMA, 1971 FHLMC, Mortgage Backed Security : MBS MBS GNMA FHLMC FN MA, FHLMC 1956 bank, 2002, pp

13 Collateralized Mortgage Obligation : CMO 1986 Commercial Mortgage Backed Securities CMBS, RTC CMBS collateralized loan obligation : CLO CLO Asset Backed Security ABS : CLO BIS ROE ROA 2002, 2002, pp ; pp gross interest income non interest income loans non interest income-other "Profits and Balance Sheet Development at U.S. Commercial Banks", Federal Reserve Bulletin, June 1995, June

14 Jim Leach HR Tom Bliley Phil Gramm S.900 CRA financial holding company OCC FRB FDIC FRB OTS NCUA SEC NASD

15 1999 CRA satisfactory FRB , 1985., 1983., 1979., SEC ,500 2,000 SEC "SEC Settles Enforcement Proceedings against J.P. Morgan Chase and Citigroup", SEC Press Release July 28, Sarbanes-Oxley Act of 2002 P.L , 116 STAT. 745,

16 , ABA Banking Journal, American Banker, Wall Federal Deposit Insurance Corporation FDIC, Managing the Crisis -The FDIC and RTC Expe rience Washington : D.C FDIC, A Brief History of Deposit Insurance in the Street Journal, various issues United States. Washington : D.C CQ Almanac, CQ Weekly Report, various issues

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S C B SHINKIN CENTRAL BANK 104-0031 3-8-1 TEL.03-3563-7541 FAX.03-3563-7551 http://www.scbri.jp/ FDIC New York 15-5 2004.2 (1) (2) (3) (4) (1) (2) (3) (4) (5) (1) (2) (3) (4) (5) (1) (2) (3) (4) S&L (1)