There are 66 different banks located within North Carolina’s borders. Banking has become a large part of the economy in the state, and is a major industry in the Charlotte region. Which is why North Carolina should be concerned about a piece of legislation introduced in Congress.
Sens. Elizabeth Warren (D-Mass.) and John McCain (R-Ariz.) are reintroducing legislation to revive the Glass-Steagall Act, which would force big banks to split their investment and commercial banking practices.
Originally a piece of legislation in 1933, Glass-Steagall was reactionary to the Great Depression and the stock market crash of 1929. Many years later in 1999, the Gramm-Leach-Bliley Act repealed the regulatory barriers from the 1933 law. While there have been many attempts to reinstate all or a part of Glass-Steagall, North Carolina needs to keep tabs on what is going on in Congress. Any change to the current regulatory law for banks and investment companies will have a direct impact on how these major banks do business.
The largest banks in North Carolina are:
- Bank of America
- Branch Banking and Trust Company (BB&T)
- First-Citizens Bank & Trust Company
