Fed's Olson: Are banks still special?

In the speech 'Are banks still special?' given on 13 March Mark Olson of the Federal Reserve said the line that divides banking from commerce is not a clear one and should be subject to "negotiated compromise" as markets and products change.

The 1999 Gramm-Leach-Bliley Act allows companies to own banking, securities and insurance entities under the umbrella of a financial holding company.

That law also allows banks to obtain authority for new products that are financial in nature.

"The act offers a

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