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• W327103674 abstract "A few years ago, as a tweak of banks' continual search for fee income, a cartoonist portrayed a branch of Bank 'n Burger, complete with a lobby checkwriting desk that doubled as a standup service counter for the burger side of the business. Far-fetched as that cartoon seemed a few years ago, it's not so farfetched anymore, at least not in principle. Not with Congress debating whether and should be linked. The tone of the debate would imply that a massive stone wall has separated and since the building of the pyramids. Yet the histories of and have long been intertwined, going back to banking's origins in medieval Europe, when goldsmiths made loans based on the bullion they held in stock for their jewelry making. (See Exhibits from the banking-commerce museum, p. 11.) In recent times, however, and in the U.S. came to be considered two distinct sides of the business world, no more to be mixed than fire and ice. Now, the debate over any eventual financial modernization law is coming down to how much, if any, cross ownership is to be permitted, or, even, encouraged. In the House Banking and Financial Services Committee, which has taken the lead on financial modernization in this Congress, the centerpiece of the discussion had shifted from the merger of the and thrift charters, to the merging of and What exactly does it mean? The words banking and commerce can stir strong emotions in some quarters. The concept has been so kicked around that for many who discuss it, it has become one of those items of political shorthand that everyone uses freely but which can obscure the actual meaning. Recent history saw another such issue-turned-shorthand--interstate The term at times symbolized the debate over any function conducted across state lines, and yet the chief issue that was in play was the taking of deposits over state lines by establishing a physical and corporate presence across those borders. Banks had long been conducting many other functions across state boundaries. No matter where you stand on the and issue, ask yourself, what does the phrase actually mean to me? Here, presented in question-and-answer style, are an explanation and an exploration of the issues. Q. The industry has long been seeking permission to expand powers in the securities and insurance businesses. Isn't this a mixing of and A. No, not in the strictest sense. The securities and insurance businesses are considered financial services business. Both securities and insurance are seen as natural extensions of traditional banking. With more and more businesses able to tap the capital markets for funds they once obtained in the form of bank loans, for instance, it is reasonable to empower banks to follow their customers and potential customers. Q. Then what is commerce? A. Commerce, as the term is used in the current debate, is activity that is strictly nonfinancial in nature. Operating a factory, running a retail store, even selling burgers would be the kinds of activities falling under the definition of commerce. Remember, with we have an industry where, currently, even the period for holding real estate seized for nonpayment of loans is regulated and overseen. Q. Why has financial modernization become mixed up with the banking-commerce issue? A. In part because the companies presently in the insurance and securities businesses sometimes own nonfinancial operations that are engaged in and vice-versa. General Electric, for instance, manufactures all sorts of products and equipment. Yet it also runs GE Credit, one of the nation's largest nonbank lenders. General Motors, an automaker, operates a huge financial operation, General Motors Acceptance Corp. Fidelity Investments, owns a limousine service. …" @default.
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• W327103674 date "1997-07-01" @default.
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• W327103674 title "Socks, Stocks, Wrenches, Deposits, Cars, Loans, Hamburgers, Computers" @default.
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