“Value of Banks to Society and the Economy” Is Focus of Banking Perspectives Q4 Issue
FOR IMMEDIATE RELEASE
CONTACT:
Sean Oblack
202.649.4629
Edition also includes exclusive interview with Wells Fargo CEO John Stumpf
New York, NY – November 16, 2015 – Today, The Clearing House released the fourth quarter 2015 edition of its quarterly journal, Banking Perspectives. The newest issue, entitled “TheValue of Banks to Society,” examines how the banking industry enables economic growth by providing essential financial functions to the economy. Throughout history, banks have played a central role in society by providing access to capital and loans, deposit services and payment functions. In short, no economy can grow without a strong banking industry. “Banks have always played a central role in promoting growth and economic vibrancy,” said Jim Aramanda, CEO of The Clearing House.
“Banks also have always had a presence in society by making loans, providing a safe place for deposits, and making financial transactions easier for customers. These functions helped to extend access to banking to all levels of society.”
The issue also includes this quarter’s State-of-Banking interview with John Stumpf, Chairman, President and CEO of Wells Fargo & Company, who discusses economic growth, misconceptions about millennials, payments innovation, and the “real” economy.
The Q4 edition also features articles from leading academics and other experts, including Ross Levine, the Willis H. Booth Chair in Banking and Finance at the University of California, Berkeley, who explores how banking services enable prosperity at all levels of society, especially among lower-income workers. Stephen Cecchetti, professor of International Economics at the Brandeis International Business School, examines how unintended consequences from regulation may create a shadow banking sector that is a risk to financial stability.
Additional features in the fourth quarter 2015 edition of Banking Perspectives include:
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Jim Aramanda, The Clearing House: For The Record: Banking, Society and Innovation
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Robert E. Wright, Augustana University: Finance and Society: A Historical Perspective
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Mark A. Calabria, Cato Institute: Society, Finance & Freedom
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Lee Kyriacou, Novantas: Limits to Banking Industry Recovery
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Greg Baer, The Clearing House: My Perspective: A Vibrant Banking System
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H. Rodgin Cohen, Sullivan & Cromwell: Banking Regulation: Toward a New Paradigm
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Edward P. O’Keefe, Moore & Van Allen: Set in Stone: Does Current Regulation Limit Flexibility?
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Barnabas Reynolds and Reena Agrawal Sahni, Shearman & Sterling: Individual Accountability
TCH began publishing Banking Perspectives in November 2013 to help foster debate and discussion on issues shaping the evolving banking landscape. The next edition of Banking Perspectives (Q1 2016), which will be released in March 2016, will take a critical look at innovation and the bank of the future. For a complimentary subscription, please click here.
About The Clearing House Established in 1853, The Clearing House is the oldest banking association and payments company in the United States. It is owned by the world’s largest commercial banks, which collectively hold more than half of all U.S. deposits and which employ over one million people in the United States, and more than two million people worldwide. The Clearing House Association L.L.C. is a nonpartisan advocacy organization that represents the interests of its owner banks by promoting and developing policies to support a safe, sound and competitive banking system that serves customers and communities. Its affiliate, The Clearing House Payments Company L.L.C., which is regulated as a systemically important financial market utility, owns and operates payments technology infrastructure that provides safe and efficient payment, clearing and settlement services to financial institutions, and leads innovation and thought leadership activities for the next generation of payments. It clears almost $2 trillion each day, representing nearly half of all automated clearing-house, funds transfer and check-image payments made in the United States.