• Print
  • Email
  • Share

Economic Perspectives, 7, No. January/February, 1983
What Is a Bank?

In a well-known U.S. Supreme Court opinion on pornography, Associate Justice Potter Stewart wrote:

 

... criminal laws in this area are constitutionally limited to hard-core pornography. I shall not attempt to define the kinds of material I understand to be embraced within that shorthand description; and perhaps I could never succeed in intelligibly doing so. But I know it when I see it, and the motion picture involved in this case is not that.

 

This "know it when I see it" principle has some adherents in the financial community, particularly with regard to the ambiguities surrounding the question, "What is a bank?"



Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

Copyright © 2016. All rights reserved.

Please review our Privacy Policy | Legal Notices