Matthew Fink on "The Unlikely Reformer: Carter Glass and Financial Regulation"

Lunch & Learn Series

Matthew Fink on \

Tuesday, April 9, 2019 | 12:30 PM to 1:30 PM

Event Location:
48 Wall Street, 5th Floor*
New York City

Carter Glass served as a Congressman, Secretary of the Treasury and Senator for 43 years during the first half of the 20th century. He authored some of the most important financial legislation in American history: the Federal Reserve Act of 1913, the Glass-Steagall Act of 1933 and provisions of the Securities Exchange Act of 1934, creating the Securities and Exchange Commission. The Unlikely Reformer, by Matthew Fink, is the first book that explores Glass’s record in detail.

Glass generally opposed a strong federal government. However, he was ready to use government to curb powerful financial interests. Glass supported an approach that fragmented financial power rather than providing government with vast new regulatory authority. Thus, he drafted the Federal Reserve Act to create a number of regional reserve banks rather a single central bank; and he authored the Glass-Steagall Act to separate banks and security firms rather than creating a new regulatory system for bank security activities.

Glass’s record is relevant today. Glass designed the Federal Reserve System to be insulated from political influence; President Trump has threatened to fire the Fed’s chairman because he disagrees with Fed policies. In 1999, Congress repealed provisions of the Glass-Steagall Act separating banks and securities firms; members of both parties are calling for reinstatement of those provisions.

About the Author
Matthew P. Fink was employed by the Investment Company Institute, the mutual fund association, from 1971 to 2004, and  served as the Institute's president from 1991 to 2004. He is the author of The Rise of Mutual Funds: An Insider's View, published by Oxford University Press (2nd edition, 2011). Mr. Fink is an honors graduate of Brown University and Harvard Law School, and he attended the London School of Economics

Talk followed by Q&A and book signing. General admission $5; MoAF members, students and press FREE. 

*Please note: The Museum gallery remains closed. MoAF staff members will be on hand at the entrance to 48 Wall Street to direct attendees to the 5th floor event space.