미국에 있어서 금융지주회법제의 현황

Two decades of industry consolidation have resulted in a few massive financial holding companies controlling a disproportionate amount of the industry in U.S. Representing the most comprehensive reform of the financial services industry in nearly seventy years, President Clinton signed the Gramm-Leach-Bliley Financial Modernization Act of 1999 into law on November 12, 1999. The Act included provisions designed to facilitate affiliation among banks, securities companies and insurance firms as well as provisions requiring financial service companies to disclose the institutions' privacy policies about nonpublic personal information. To foster competition and innovation in the financial services industry, title Ⅰ of the Act repealed section 20 and 32 of the Glass-Steagall Act and amended section 4 of the Bank Holding Company Act of 1956. While the primary focus of title Ⅰ was demolishing the fire walls between banks, securities firms, and insurance companies by creating financial holding companies, the Act includes a provision that allows these newly created financial institutions to engage in any activity that is determined "to be financial in nature or incidental to such financial activity. One of the first major efforts by regulators to expand the list of permissible activities under the Gramm-Leach-Bliley Act is to allow financial holding companies and financial subsidiaries of nationally chartered banks to engage in real estate brokerage and real estate management services. But there is no indication that the issue will be resolved in the very near future. Although we cannot speak the system of U.S is perfect, it seems that the system of Korea has many problems. Therefore, this article proposed several solutions by comparative study of the Korean system and the U.S system. Consequently, we still can find out the fact which has a deep lineage in the Gramm-Leach-Bliley Act. That is just the principle of segregation of business and financial capital.