Banks exist all over the world and are usually heavily regulated by the government to prevent corruption and protect the general public's money. Banking is a huge economic and financial sector that has existed for thousands of years. Banking plays an important role in financial transactions and is a popular means of investing, borrowing and channeling money. Deregulation is one of the solutions to the problem of corruption in the banking sector, but it has not proved to be so effective. Corruption is defined as the abuse of entrusted power for private gain such as embezzlement and other white collar crimes. The banking industry has had many ups and downs over the years. According to Ron Paul's (2010) article, the Framers were the founders of the first bank and wanted to create an institution modeled after the Bank of England (Paul, 2010, pp. 465-467). The Bank of North America was granted monopoly privilege and no other banks were allowed to operate in the country. Thomas Jefferson understood this banking system as a system of organized corruption in order to expand the size and reach of the state beyond what the Constitution allowed (Dilorenzo, 2011, p. 79). It goes without saying that the central banking system was short-lived in the United States because many Americans at this particular historical moment were very suspicious of central banks, perceiving them as a source of official corruption. Banking deregulation has to be one of the biggest events in the history of banking. Deregulation is defined as the reduction of government elimination in a particular industry. Toe Koechilin in his article (2013) described deregulation as “the reduction of corporate activities… in the middle of paper… with a little government regulation. It is said that banks are too big to fail, but in reality banks are too big to imprison. Until there is some government interference in the banking sector, the banking sector cannot do anything wrong. Works Cited Baradaran, M. (2013). How the poor were shut out of the banking sector. Emory Law Journal, 62(3), 483-548. Beck, T., Levine, R., & Levkov, A. (2010). Big bad banks? The winners and losers of banking deregulation in the United States. Journal of Finance, 65(5), 1637-1667. doi:10.1111/j.1540-6261.2010.01589.xDilorenzo, T. J. (2011). A note on the Machiavellian origins of central banking in America. Austrian Economic Quarterly Journal, 14(1), 78-87. Koechilin, T. (2013). The rich get richer. Challenge(05775132), 56(2), 5-30.Paul, R. (2010). The banks against the Constitution. Harvard Journal of Law and Public Policy, 33(2), 465-473.