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University of Michigan Law School

Glass-Steagall Act

Michigan Law Review

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Statutory Obsolescence And The Judicial Process: The Revisionist Role Of The Courts In Federal Banking Regulation, Donald C. Langevoort Feb 1987

Statutory Obsolescence And The Judicial Process: The Revisionist Role Of The Courts In Federal Banking Regulation, Donald C. Langevoort

Michigan Law Review

What do - or should - courts do when asked to interpret an apparently "obsolete" statute? This question is an important one half a century or more after the enactment of much of the fundamental federal legislation in such fields of economic regulation as labor, communications, antitrust, securities, and - the subject of this study banking. For a variety of reasons, including political inertia and special interest pressure, many of these statutes remain substantially unchanged even though the assumptions about marketplace structure and conditions that formed the basis for the legislation have long since ceased to hold true.


A Banker's Adventures In Brokerland: Looking Through Glass-Steagall At Discount Brokerage Services, Michigan Law Review May 1983

A Banker's Adventures In Brokerland: Looking Through Glass-Steagall At Discount Brokerage Services, Michigan Law Review

Michigan Law Review

Several banks have recently entered or announced their intention to enter the discount brokerage business, and the Federal Reserve Board is considering a rule listing discount brokerage as an acceptable bank holding company activity. The securities industry has contested this entry, asserting that the Glass-Steagall Act requires separation between investment and commercial banking. Though the Act does mandate some division between the two lines of business, this Note argues that bank discount brokerage services do not violate the Act. Part I examines the competing "accommodation" and "agency" interpretations of the relevant statutory sections, concluding that the agency interpretation, which permits ...