Private Finance, Public Power
A History of Bank Supervision in America
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Estimated delivery time: In stock at the publisher, but not at Prospero's office. Delivery time approx. 3-5 weeks.
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Product details:
- Publisher Princeton University Press
- Date of Publication 19 August 2025
- Number of Volumes Print PDF
- ISBN 9780691232829
- Binding Hardback
- No. of pages424 pages
- Size 234x155 mm
- Language English
- Illustrations 3 b/w illus. 680
Categories
Long 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.
"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 More
