Private Finance, Public Power

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The book explores the complex interplay between public and private entities in managing banking risk in America over two centuries. It highlights how bankers, politicians, and bureaucrats have engaged in negotiations that shaped financial governance, from the founding of the Republic to the early 1980s. Key developments include the shift of risk management responsibilities to the federal government and the evolution of supervisory frameworks, including the establishment of the central bank and federal deposit insurance. The authors provide a nuanced history that reveals the diverse characters involved in this ongoing process.