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Master's Professional Reports Abstract

Leveling the Financial Services Playing Field: An Argument for the Repeal of Glass-Steagall

The commercial banking industry is one of the most regulated industries in the United States due to its absolute importance to the nation's economy. This report analyzes the effects that one act, the Glass-Steagall Act, has on the competitiveness of U.S. commercial banks both in the global arena against international banking firms, and in the domestic arena against investment firms and non-bank financial providers. This report seeks to prove that Glass-Steagall based on faulty assumptions has had a detrimental effect on the safety and soundness of the banking system. Any reform of the banking system must begin with the repeal of this act. This repeal is currently underway due to the allowances of regulators and beneficial court decisions. However, this report further argues that Congress must take a leading role in the future direction of banking rather than letting change take place due to a changing regulatory process

--Author's foreword.