This mechanism effectively meant that our macro-economic policies (and those of most OECD economies) could not get too far out of line with the policies pursued by the US Government.
Recall  2  BIS Review 39/2006  that subsequent revisions to the law allowed greater competition between traditional pillars of finance, i.e., banking, insurance, brokerage, and trusts, thus driving down costs and increasing efficiency. Over the course of the past decade, efforts have focused on improving prudential regulation, which seeks to stabilize institutions and the financial system as a whole.