Banking/Addendum

English banking legislation

• Bank of England Act[1] 1694]

founded the Bank of England.

• Bank Charter Act[2], 1844.

gave the Bank of England the exclusive right to issue banknotes and tied the note issue to the Bank's gold reserves..

• Bank of England Act[3] 1946.

the nationalisation of the Bank of England.

• Building Societies Act[4], 1986.
• Banking Act[5] 1987 (repealed).
• Bank of England Act[6], 1998.

gave the Bank responsibility for setting interest rates to meet the Government's stated inflation target.

• Banking Act[7]

included the Special Resolution Regime[[8], 2009.

United States banking legislation

• National Bank Act of 1864

Established a national banking system and the chartering of national banks.

• Federal Reserve Act of 1913

Established the Federal Reserve System

• Amendment of the National Banking Laws and the Federal Reserve Act

(also known as The McFadden Act) Prohibited interstate banking.

• Banking Act of 1933 .

(also known as the Glass-Steagall Act). Created the Federal Deposit Insurance Corporation. Separated commercial banking from investment banking.

• Bank Holding Company Act of 1956

Required Federal Reserve Board approval for the establishment of a bank holding company. Prohibited bank holding companies in one state from acquiring a bank in another state.

• International Banking Act of 1978 .

Brought foreign banks within the federal regulatory framework. Required deposit insurance for branches of foreign banks engaged in retail deposit taking in the U.S.

• Depository Institutions Deregulation and Monetary Control Act of 1980[9]

Provided for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts

• Depository Institutions Act of 1982

(also known as Garn-St Germain). Expanded FDIC powers to assist troubled banks.

• Securities Industry Association v. Board of Governors (1984)[10]

Following a series of Supreme Court interpretations that relaxed the restrictions of the Glass-Steagall Act, the Court allowed a bank holding company to operate a discount brokerage firm.

• Federal Deposit Insurance Corporation Improvement Act of 1991

increased the powers and authority of the FDIC. Major provisions recapitalized the Bank Insurance Fund and allowed the FDIC to strengthen the fund by borrowing from the Treasury.

• Gramm-Leach-Bliley Act of 1999[11]

Repealed the Glass Steagall Act of 1933, and introduced other changes including expanding the Federal Home Loan Bank System.

• Wall Street Reform and Consumer Protection Act of 2009[12]
• Sarbanes-Oxley Act of 2002[13]

establishes the Public Company Oversight Board to regulate public accounting firms that audit publicly traded companies, and gives new powers to the SEC

( See also the FDIC's "Important Banking Legislation" [14])

European banking legislation

• EC Directive 2006/48/EC[15], 2006

• Commission Directive 2009/27/EC[16] of 7 April 2009

• Proposal for a directive amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies[17] (Citizens' summary[18]).

Banking leverage

(Bank equity, per cent of assets)

	1880	1920	1940	1980	2005
United States	24	11	10	5
United Kingdom	11	5	5	5	4

(Source: Andrew Haldane Banking on the State, Bank for International Settlements[19])