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Comment: Regulatory Reform for the Deposit Financial Institutions–Retrospect and Prospects

The central theme of the paper by Professor Phillips is the effects of technological change on the way financial institutions operate and the implications for regulation. His analysis is an excellent combination of both sound economics and political economy. Increasingly, shifts are made between noninterest-bearing demand deposits and interestbearing savings deposits. The increased use of negotiable order of withdrawal (NOW) accounts represents a step toward permitting interest on demand deposits. The implications of the increased use of “electronic funds transfer system” (EFTS) are even greater. Professor Phillips indicates the EFTS could make all marketable and negotiable assets “money,” and that the turnover of deposits could approach “infinity.”