Lost into the vast history of the eighties, there was early on in that decade a political fight over the modern state of banking. The Reagan administration in 1983 had convened a far-reaching task force headed by Vice President Bush. The way in which proposed reforms initially moved was not merely impulsive score-settling. Its roots ran far deeper in time as well as within the industry itself.
By September 1983, initial reports suggested that the council was all but decided on the major topic. Some minor issues were, and would be accepted as, relatively uncontroversial, such as allowing…

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