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Climate Change and Financial Stability
This Note describes how risks arising from climate change may affect financial stability. We describe how climate-change related risks may emerge either as shocks to the financial system or as financial system vulnerabilities that could amplify the effects of these or other shocks.
A Brief History of the U.S. Regulatory Perimeter
This paper provides a brief history of the U.S. financial regulatory perimeter, a legal cordon comprised of â€œpositiveâ€ and â€œnegativeâ€ restrictions on the conduct of banking organizations. Todayâ€™s regulatory perimeter faces a wide range of challenges, from disaggregation, to new commercial entrants, to new varieties of charters (and new uses of legacy charters). We situate these challenges in the longer history of American banking, identifying a pattern in debates about the nature, shape, and position of the perimeter: outside-in pressure, inside-out pressure, and ...
Lessons from the History of the U.S. Regulatory Perimeter
Banking organizations in the United States have long been subject to two broad categories of regulatory standards. The first is permissive: a "positive" grant of rights and privileges, typically via a charter for a corporate entity, to engage in the business of banking.