Prior Proposals to Consolidate Federal Financial Regulators ______________________________________ ELIZABETH F. BROWN This paper was prepared for the Volcker Alliance as background for its project on structural reform of the federal financial regulatory system. The views expressed in this paper are those of the author and do not necessarily reflect the position of the Volcker Alliance. Any errors or omissions are the responsibility of the author. ______________________________________ Ms. Elizabeth F. Brown, J.D., is an assistant professor in the Department of Risk Management and Insurance, J. Mack Robinson College of Business, Georgia State University. Contact Author: Elizabeth F. Brown, Department of Risk Management and Insurance, Georgia State University, P.O. Box 4036, Atlanta, GA 30302-4036; tel: 404-413-7501; cell: 404-247-8713; email:
[email protected]. Table of Contents Executive Summary ........................................................................................................................ 8 I. Proposals Between 1915 and 1921 ............................................................................................ 14 A. The Proposals ....................................................................................................................... 14 1. Structural Reorganization ............................................................................................... 16 2. Proposed Implementation ............................................................................................... 17 B. Arguments