Authors: Peter Conti-Brown and Sean H. Vanatta

Banks in America are private institutions with private shareholders, boards of directors, profit motives, customers, and competitors. And yet the public plays a key role in deciding what risks are taken as well as how, when, and to what end. Public-private negotiations over financial governance has evolved into an essential ecosystem of banking risk management.

In “Private Finance, Public Power,” Peter Conti-Brown and Sean Vanatta offer a new history of finance and public policy in the US by examining the idiosyncratic way the nation manages financial risk across the public-private divide.

Covering two centuries, from the founding of the Republic to the early 1980s, Conti-Brown and Vanatta describe the often-contested, sometimes chaotic, engagement of bankers, politicians, bureaucrats, and others in the overlapping spaces of the public-private system of bank supervision.