The Significance of Bank Control over Large Corporations
During the first fifteen years of this century, there was widespread concern about the growing power of banks in the U.S. economy. The Pujo Committee investigation in 1912-1913 focused a great deal of publicity on the extent of influence that bankers such as J. P. Morgan and Jacob Schiff exerted over many of the largest corporations.' In the past decade there has been a resurgence of concern about bank power, but not within the economics profession. The apparently growing power of banks should not be ignored by economists if they hope to provide an adequate analysis of the U.S. economic system. It was the House Banking and Currency Committee, led by Congress-