Changes Of Integrated Finance Operation In United States

2007 U.S. financial crisis triggered by the subprime mortgage crisis and the economic crisis of 20-30s, appeared to be the two large-scale crisis in nearly a century the history of the U.S. Two crisis had a destructive effect on the global real economy and financial system, in order to address the financial crisis, the U.S. government adopted a massive rescue measures. After crisis, the government tends to promote financial system reforms. However, in the direction of financial reform is not entirely consistent. For example, over the past century, the United States had different attitudes on Integrated Finance after the two great crises. After the 1929-1933 financial crisis, the U.S. Congress in 1933 passed the "Banking Act of 1933." The Act specifically prohibits the majority of banks in securities business, implementing divided management system. By comparison, in the current financial crisis, the U.S. government contributed to the bank holding company based in integrated finance operation. The two different post-crisis policy of the U.S. government had a significant impact on the structure of U.S. banks.Why the U.S. government adopt different attitude on the Integrated Finance after the two great crises? The Integrated Finance after subprime mortgage crisis had what new changes compared to the end of the 20th century? Why adopt integrated Finance operation again? Chinese government how to conduct effective supervision and modern risk aversion? This article attempts to try on these issues of study to some extent about the U.S. financial situation and development trend, and try to find the development of financial business in China useful reference and inspiration. Therefore,studying on the U.S. financial system, the market business model, regulatory and government intervention in areas such as nature of the system is very necessary and meaningful. American famous economist Kindleberger said: "The economics need history, the history needs more than economics." Therefore, this article stands at a historical point of view, analysing the U.S. financial system evolution, and analysing the selection and evolution of the changes of integrated finance operation in United States. This paper uses comparative historical analysis, from one side of the path of system change and its influencing factors.This paper is divided into six chapters. The first chapter is the introduction, this chapter mainly focused on theory and structure a comprehensive sort. Chapter II describes the early integrated finance operation and the separate operation after American financial crisis. This chapter first describes the financial mixed operation mode in early 1933 before the financial crisis ,then describes the big crisis, in the end analyse the establishment of separate operation after the crisis, and a simple evaluation of the establishment of separate operation. The third chapter describes the system and the establishment of the modern integrated finance operation: the development between 1970s to the subprime mortgage crisis, and analyse which factors bring about integrated finance operation. Chapter IV analyse the sub-prime crisis and its causes,and compared the new development of U.S.integrated finance operation after sub-prime crisis to the last century, that is: the original mixed trend is reflected commercial banks into investment banks and other non-traditional business, the current trend is based investment bank mixed return to the embrace of the characteristics of commercial banks. Chapter five comes to the conclusions that financial crisis is another important reason to the changing financial system by comparison of the two crises. The sixth chapter is some thoughts about the U.S. integrated finance operation ,and inspiration and reference to china. The final chapter is the conclusion and outlook.