Abstract
Although many commentators are examining and expounding the economic crisis, as it affects the United Kingdom, it is important to note that the economic crisis is global. The economic crisis in its commencement emanated a ripple effect of pervasive economic crisis, which spread across the globe. If the economic crisis was a global phenomenon, then maybe financial recovery can be global as well. Overall, the article is commenting on the fact that, although we, in the United Kingdom may be concerned directly with the UK financial recovery, it is important to maintain consciousness on the United States because, after all, crisis is not isolated to one country. This is because the financial system sees no boundaries and recovery and crisis has shown us this quite profoundly. This article examines the new Financial Recovery Reform Paper. This article is divided into three parts. First, the article examines briefly the economic crisis in the United States, thus setting the scene for the Financial Recovery White Paper. The second part examines the White Paper in detail and expounds the aims and objectives. Finally, the article explores the outcome of the US financial system and, although only hypothesising at the future, the article concludes that, similar to the United Kingdom, the United States will return to a more simplified and more regulated financial market. Ensuring that less risk is taken and more compliance is followed this article can be contrasted with the White Paper proffered by the Labour Government in the United Kingdom, although it is outside the remit of this article to discuss the White Paper.
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1(2001 LLB Glamorgan University), is PhD in Financial Exclusion and Banking Regulation (2004 Bournemouth University) FPC (2004 Chartered Institute of Insurers) PGCert in Academic Practice (2007 Bournemouth University) PGCert in Research Supervision (2008 Bournemouth University). Chambers has worked in the City of London with Grant Thornton and subsequently Morgan Stanley, where she worked as an investment banking legal and compliance officer for Europe. Her research interests are banking law, financial education, financial exclusion, alternative financial delivery mechanisms and mobile finance. She is a senior law lecturer at University of West of England, Bristol law school and teaches European Law, Banking and Finance Law, and Commercial Law. She has been awarded an early career research grant for her project on Virtual Money Laundering and Virtual banking and economies.
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Chambers, C. US financial recovery: Political regulations or a plan for the future?. J Bank Regul 11, 240–255 (2010). https://doi.org/10.1057/jbr.2010.12
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DOI: https://doi.org/10.1057/jbr.2010.12