U.S. Financial Crises and Growing Federal Oversight of Banking

Elgar Encyclopedia of Financial Crises [Forthcoming]

15 Pages Posted: 16 Nov 2023

See all articles by James R. Barth

James R. Barth

Auburn University; Milken Institute

Stephen Matteo Miller

George Mason University - Mercatus Center

Date Written: October 15, 2023

Abstract

The United States has experienced 11 major financial crises since the Panic of 1819. Until the Panic of 1907, the federal government did not respond with new legislation or regulatory authority. Since then we have observed substantial and growing federal oversight of the banking sector, which is also happening globally. In what follows, we first summarize the major crises and the cost per crisis, discuss the evolution of federal oversight of the banking sector and finish with perspectives about why the US experienced so many crises.

Keywords: Cost of Crises, Federal Government Response to Crises, US Financial Crises

JEL Classification: D61, G01, G18

Suggested Citation

Barth, James R. and Miller, Stephen Matteo, U.S. Financial Crises and Growing Federal Oversight of Banking (October 15, 2023). Elgar Encyclopedia of Financial Crises [Forthcoming], Available at SSRN: https://ssrn.com/abstract=4602886

James R. Barth

Auburn University ( email )

415 West Magnolia Avenue
Auburn, AL 36849
United States
334-844-2469 (Phone)
334-844-4960 (Fax)

Milken Institute ( email )

1250 Fourth Street
Santa Monica, CA 90401
United States

Stephen Matteo Miller (Contact Author)

George Mason University - Mercatus Center ( email )

3434 Washington Blvd., 4th Floor
Arlington, VA 22201
United States

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