The Future of Banking

At times a bit complicated, but definitively worth the time in the post-Lehman era for anyone seeking to understand the biggest picture.

The title is almost a misnomer - much of the book is concerned with the past and present of US banking law - but the book itself is powerful. Mr. Pierce traces the evolution of commercial banking law at the Federal level from the founding of the first Bank of the United States to the present day, and the changing nature of the banking industry with an eye towards proving the thesis that current law, still based largely around New Deal thinking, is both out of sync with the state of the industry and inefficient. Pierce argues consistently for allowing market forces to play a greater role in shaping the industry and for regulating types of financial activity rather than types of institutions. The writing is consistently clear enough for the layman to follow without being simplistic, and the author argues his case eloquently.