Much of the basis of the bank regulatory system in the United States, including its federal-state dual commercial banking system, stems from constitutional arguments laid out by Chief Justice Marshall in McCulloch v. Maryland. The principles of the system have existed throughout most of the U.S.’s history, elements of which even survive all of the regulatory changes of the last few years.
Please explain and detail the main points of Chief Justice Marshall’s two-pronged approach to his opinion in McCulloch.
Upon whom did Chief Justice Marshall base much of his argument, and what were the circumstances under which that individual had set forth his opinions on the matter?
What were the direct outcomes of McCulloch and how did cases like Osborn and Veazie either affirm or conflict with the Court’s opinion in McCulloch, and ultimately affect U.S. bank regulation?
Address each portion of the question
Use proper U.S. citations
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