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Discussion Paper

Umbrella supervision and the role of the central bank


Abstract: Deregulation and financial consolidation have led to the development of financial holding companiesallowing commercial banking, insurance, investment banking, and other financial activities to be conducted under the same corporate umbrellaand the Federal Reserve has been named supervisor of the consolidated enterprise. This Policy Discussion Paper will show that there likely are economies of scope between the Feds inherent central-banking responsibilities and those of an umbrella supervisor and that these duel roles benefit both the Fed and functional regulators.

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File(s): File format is application/pdf http://www.clevelandfed.org/Research/PolicyDis/PDPNo11.pdf

File(s): https://fraser.stlouisfed.org/scribd/?item_id=495644&filepath=/docs/historical/frbclev/pdp/frbclv_pdp_200512_011.pdf

Authors

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Policy Discussion Papers

Publication Date: 2005

Issue: Dec

Order Number: 11