1. According to central banks with a hierarchical mandate:
hitting the inflation target is the only objective.
the inflation target is second only to economic growth.
hitting the inflation target has first priority, but only after all other stated goals have been achieved.
hitting the inflation target has first priority, everything else comes second.
2. As a result of the Financial Services Modernization Act
securities firms had to search for loopholes to expand into other types of financial services.
firms that formed a special finance holding company were regulated by the SEC.
banking, securities activities, and insurance services could be consolidated in a single financial institution.
securities firms were prohibited from expanding into other types of financial services.