The historic statutory separation of banking and insurance was altered in 1999 when the Congress enacted the Gramm-Leach-Bliley Act (GLB Act) and allowed well-managed and well-capitalized banks to affiliate with insurance underwriters and insurance agencies. That brings the Federal Reserve and state insurance professionals into the same circle.
On the other hand, there does not seem to be an upper bound on capital accumulation over time or on the growth of human knowledge or on the degree to which both can result in higher productivity. Productivity: the Canadian record But I have been talking about productivity without defining it properly or describing how we measure it.