President's Commission on Financial Structure and Regulation
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The President's Commission on Financial Structure and Regulation, also known as the Hunt Commission (and not to be confused with the Hunt Commission of 1980) was a Presidential Commission created by President Richard Nixon in 1970. It was appointed as a response to disintermediation in the previous year which developed due, in part, to interest rate caps (Regulation Q) on interest paid on deposits in banks and savings institutions. In its report of 1971, the Commission "laid out an agenda for reform and deregulation" which influenced legislative proposals by Presidents Nixon, Ford, and Carter, the latter of whom presided over the substantial realization of the Commission's recommendations in 1980 with the Depository Institutions Deregulation and Monetary Control Act, which "removed most distinctions between commercial banks and thrifts, allowed NOW accounts nationwide, and initiated a phased end to interest rate ceilings."
The Commission heralded the general trend toward deregulation that dominated economic policy for the four decades between 1970 and 2007, when the Global Financial Crisis (GFC) revealed the weaknesses of the financial system. Regulation was visibly embraced with the passage of finance reform legislation in 2010.
References
- Woolley, John T. "Persistent Leadership: Presidents and the Evolution of U.S. Financial Reform, 1970-2007." Presidential Studies Quarterly. 42.1 (2012): 60-80. Print.
Further Reading
- FG 267 (President's Commission on Financial Structure and Regulation)." Nixon Presidential Library and Museum. National Archives and Records Administration, n.d. Web. 18 Mar 2012. <http://nixon.archives.gov/forresearchers/find/textual/central/subject/FG267.php>.
- "Records of Temporary Committees, Commissions, and Boards." National Archives. National Archives and Records Administration, n.d. Web. 18 Mar 2012. <http://www.archives.gov/research/guide-fed-records/groups/220.html