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Private Finance, Public Power: A History of Bank Supervision in America

Description:

The strange and contested evolution of the management of banking risk

Banks in America are private institutions with private shareholders, boards of directors, profit motives, customers, and competitors. And yet the public plays a key role in deciding what risks are taken as well as how, when, and to what end. Public-private negotiations over financial governance has evolved into an essential ecosystem of banking risk management. In Private Finance, Public Power, Peter Conti-Brown and Sean Vanatta offer a new history of finance and public policy in the United States by examining the idiosyncratic way the nation manages financial risk across the public-private divide. Covering two centuries, from the founding of the Republic to the early 1980s, Conti-Brown and Vanatta describe the often-contested, sometimes chaotic, engagement of bankers, politicians, bureaucrats, and others in the overlapping spaces of the public-private system of bank supervision.

Conti-Brown and Vanatta trace the different supervisory frameworks that evolved over time, from the imposition of private liability on bank shareholders to the development of the central bank to the creation of federal deposit insurance. Negotiations took place at federal and state levels, but, over time, the federal government assumed most of the responsibility for managing financial risk. Moreover, federal supervisory officials began to undertake more varied tasks, including monitoring racial discrimination and managing financial concentration. Conti-Brown and Vanatta introduce a diverse cast of characters—bankers, politicians, bureaucrats, and others—and show how they navigated two hundred years of financial panics, scandals, and crises to build the system that structures modern America’s banking system.

Read more

Editorial Reviews

Review

"Conti-Brown and Vanatta, through deep historical research and tales of key individuals, chart the U.S.'s bank supervisory pendulum from the Constitution through the 1970s. It's a story of competing theories of capitalism, banking and risk management that is essential reading for the modern moment. As a wave of new bank regulators descends on Washington less than two years after three historic bank failures, bank supervision is at a pivotal moment. "Private Finance, Public Power" holds countless insights for bank supervision stakeholders to at least only make new mistakes."---Steven Kelly, American Banker

Review

“Conti-Brown and Vanatta have written a brilliant history of the murky realm of banking supervision. Recovering over two centuries of intense conflict and negotiations over risk within America’s banking system, the authors explain how the federal government readily absorbed the vital responsibility of managing financial risk. This sweeping history is a must-read for anyone interested in understanding the origins of our modern financial system.”—Julian Zelizer, Princeton University

“Conti-Brown and Vanatta masterfully illuminate the historical evolution of bank supervision from a regular assessment of an individual bank’s financial condition into the sweeping system of institutionalized discretion over every aspect of the banking system we have today. This pathbreaking and careful historical account will be critical in the coming debate on bank supervision between those who want to defend the role of government discretion in moderating private risk taking and those who want to ensure that government action is always grounded in transparency and due process.”—Randal Quarles, Former Vice Chair of the Federal Reserve

“In a book that manages to be both weighty and entertaining, Peter Conti-Brown and Sean Vanatta establish the pivotal role of discretionary supervision in the history of American banking regulation. In showing the persistence of key policy debates through major changes in the scope of supervision, they illuminate the important issue of defining public and private responsibilities for banking practices and stability that is still with us today.”—Daniel K. Tarullo, Harvard Law School

“Supervision is the backbone of bank oversight in the United States and around the world. In their landmark book, Private Finance, Public Power, Conti-Brown and Vanatta pull away the curtain of opacity that has long shielded bank supervision from public view. They reveal supervision to be a constantly evolving set of relationships and practices that shape private risk-taking and public administration. In the process, they provide important new insights into a host of contemporary debates on matters ranging from how best to promote the health of the financial system to the dangers and benefits of regulatory discretion. It is required reading for everyone who wants to understand how best to promote financial stability, state capacity and the way public and private actors have cocreated today’s financial system.”—Kathryn Judge, Columbia Law School

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Private Finance, Public Power: A History of Bank Supervision in America

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Imported From: United States

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Every product in the BOLO catalogue is sourced through our Verified Global Supply Network of verified sellers, authorized distributors or directly from the manufacturer.

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While we strive to display accurate information, variations in packaging, labeling, instructions, or formulation may occasionally occur due to regional differences or supplier updates. For detailed or manufacturer-specific information, please contact the brand directly or reach out to BOLO Support for assistance.

Unless otherwise stated, all prices displayed on the product page include applicable taxes and import duties.

BOLO operates in accordance with the laws and regulations of Bahrain. Any items found to be restricted or prohibited for sale within the Bahrain will be cancelled prior to shipment. We take proactive measures to ensure that only products permitted for sale in Bahrain are listed on our website.

All items are shipped by air, and any products classified as “Dangerous Goods (DG)” under IATA regulations will be removed from the order and cancelled.

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Visit the Princeton University Press Store

Private Finance, Public Power: A History of Bank Supervision in America

Product ID: U0691232822
Condition: New
Private Finance, Public Power: A History of Bank Supervision in America-0
Type: Hardcover

BHD2722

Price includes VAT & Import Duties
Availability: In Stock

Quantity:

|

Order today to get by 7-14 business days

This item qualifies for free delivery

Returns & Warranty policies

Imported From: United States

At BOLO, we work hard to ensure the products you receive are new, genuine, and sourced from reputable suppliers.

Every product in the BOLO catalogue is sourced through our Verified Global Supply Network of verified sellers, authorized distributors or directly from the manufacturer.

Each product undergoes thorough inspection and verification at our consolidation and fulfilment centers to ensure it meets our strict authenticity and quality standards before being shipped and delivered to you.

If you ever have concerns regarding the authenticity of a product purchased from us, please contact Bolo Support. We will review your inquiry promptly and, if necessary, provide documentation verifying authenticity or offer a suitable resolution.

Your trust is our top priority, and we are committed to maintaining transparency and integrity in every transaction.

While we strive to display accurate information, variations in packaging, labeling, instructions, or formulation may occasionally occur due to regional differences or supplier updates. For detailed or manufacturer-specific information, please contact the brand directly or reach out to BOLO Support for assistance.

Unless otherwise stated, all prices displayed on the product page include applicable taxes and import duties.

BOLO operates in accordance with the laws and regulations of Bahrain. Any items found to be restricted or prohibited for sale within the Bahrain will be cancelled prior to shipment. We take proactive measures to ensure that only products permitted for sale in Bahrain are listed on our website.

All items are shipped by air, and any products classified as “Dangerous Goods (DG)” under IATA regulations will be removed from the order and cancelled.

All orders are processed manually, and we make every effort to process them promptly once confirmed. Products cancelled due to the above reasons will be permanently removed from listings across the website.

Description:

The strange and contested evolution of the management of banking risk

Banks in America are private institutions with private shareholders, boards of directors, profit motives, customers, and competitors. And yet the public plays a key role in deciding what risks are taken as well as how, when, and to what end. Public-private negotiations over financial governance has evolved into an essential ecosystem of banking risk management. In Private Finance, Public Power, Peter Conti-Brown and Sean Vanatta offer a new history of finance and public policy in the United States by examining the idiosyncratic way the nation manages financial risk across the public-private divide. Covering two centuries, from the founding of the Republic to the early 1980s, Conti-Brown and Vanatta describe the often-contested, sometimes chaotic, engagement of bankers, politicians, bureaucrats, and others in the overlapping spaces of the public-private system of bank supervision.

Conti-Brown and Vanatta trace the different supervisory frameworks that evolved over time, from the imposition of private liability on bank shareholders to the development of the central bank to the creation of federal deposit insurance. Negotiations took place at federal and state levels, but, over time, the federal government assumed most of the responsibility for managing financial risk. Moreover, federal supervisory officials began to undertake more varied tasks, including monitoring racial discrimination and managing financial concentration. Conti-Brown and Vanatta introduce a diverse cast of characters—bankers, politicians, bureaucrats, and others—and show how they navigated two hundred years of financial panics, scandals, and crises to build the system that structures modern America’s banking system.

Read more

Editorial Reviews

Review

"Conti-Brown and Vanatta, through deep historical research and tales of key individuals, chart the U.S.'s bank supervisory pendulum from the Constitution through the 1970s. It's a story of competing theories of capitalism, banking and risk management that is essential reading for the modern moment. As a wave of new bank regulators descends on Washington less than two years after three historic bank failures, bank supervision is at a pivotal moment. "Private Finance, Public Power" holds countless insights for bank supervision stakeholders to at least only make new mistakes."---Steven Kelly, American Banker

Review

“Conti-Brown and Vanatta have written a brilliant history of the murky realm of banking supervision. Recovering over two centuries of intense conflict and negotiations over risk within America’s banking system, the authors explain how the federal government readily absorbed the vital responsibility of managing financial risk. This sweeping history is a must-read for anyone interested in understanding the origins of our modern financial system.”—Julian Zelizer, Princeton University

“Conti-Brown and Vanatta masterfully illuminate the historical evolution of bank supervision from a regular assessment of an individual bank’s financial condition into the sweeping system of institutionalized discretion over every aspect of the banking system we have today. This pathbreaking and careful historical account will be critical in the coming debate on bank supervision between those who want to defend the role of government discretion in moderating private risk taking and those who want to ensure that government action is always grounded in transparency and due process.”—Randal Quarles, Former Vice Chair of the Federal Reserve

“In a book that manages to be both weighty and entertaining, Peter Conti-Brown and Sean Vanatta establish the pivotal role of discretionary supervision in the history of American banking regulation. In showing the persistence of key policy debates through major changes in the scope of supervision, they illuminate the important issue of defining public and private responsibilities for banking practices and stability that is still with us today.”—Daniel K. Tarullo, Harvard Law School

“Supervision is the backbone of bank oversight in the United States and around the world. In their landmark book, Private Finance, Public Power, Conti-Brown and Vanatta pull away the curtain of opacity that has long shielded bank supervision from public view. They reveal supervision to be a constantly evolving set of relationships and practices that shape private risk-taking and public administration. In the process, they provide important new insights into a host of contemporary debates on matters ranging from how best to promote the health of the financial system to the dangers and benefits of regulatory discretion. It is required reading for everyone who wants to understand how best to promote financial stability, state capacity and the way public and private actors have cocreated today’s financial system.”—Kathryn Judge, Columbia Law School

Details:

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