US financial recovery: Political regulations or a plan for the future?

Chambers, Clare
June 2010
Journal of Banking Regulation;Jun2010, Vol. 11 Issue 3, p240
Academic Journal
Although many commentators are examining and expounding the economic crisis, as it affects the United Kingdom, it is important to note that the economic crisis is global. The economic crisis in its commencement emanated a ripple effect of pervasive economic crisis, which spread across the globe. If the economic crisis was a global phenomenon, then maybe financial recovery can be global as well. Overall, the article is commenting on the fact that, although we, in the United Kingdom may be concerned directly with the UK financial recovery, it is important to maintain consciousness on the United States because, after all, crisis is not isolated to one country. This is because the financial system sees no boundaries and recovery and crisis has shown us this quite profoundly. This article examines the new Financial Recovery Reform Paper. This article is divided into three parts. First, the article examines briefly the economic crisis in the United States, thus setting the scene for the Financial Recovery White Paper. The second part examines the White Paper in detail and expounds the aims and objectives. Finally, the article explores the outcome of the US financial system and, although only hypothesising at the future, the article concludes that, similar to the United Kingdom, the United States will return to a more simplified and more regulated financial market. Ensuring that less risk is taken and more compliance is followed this article can be contrasted with the White Paper proffered by the Labour Government in the United Kingdom, although it is outside the remit of this article to discuss the White Paper.


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