Legacy
The National Banking acts served to create the (federal-state) dual structure that is now a defining characteristic of the U.S. banking system and economy. The Comptroller of the Currency continues to have significance in the U.S. economy and is responsible for administration and supervision of national banks as well as certain activities of bank subsidiaries (per the Gramm-Leach-Bliley Act of 1999). In 2004 the Act was used by John D. Hawke, Jr., Comptroller of the Currency's to effectively bar states attorney generals' offices from national bank oversight and regulatory roles. Many blame the resulting lack of oversight and regulation for the Late-2000s recession, the Bailout of U.S. financial system (2008) and the Subprime mortgage crisis.
Read more about this topic: National Bank Act
Famous quotes containing the word legacy:
“What is popularly called fame is nothing but an empty name and a legacy from paganism.”
—Desiderius Erasmus (c. 1466–1536)