The policy of the separation between banking and commerce has been maintained in Korea as well as in the U.S. The policy of separating banking and commerce has gained strength over time and has operated with particular force since 1956. It seems to be that FRB could undermine that policy by adopting expansive interpretations of Gramm-Leach-Bliley Act, allowing financial holding companies to engage in merchant banking or other activities. But after the financial crisis, the FRB`s longstanding policy position against mixing banking and commerce will be enforced. The Korean policy of separating banking and commerce has been eased since the financial globalization and financial liberalization of 1990`s. But recently the congress tries to impose comparable limitations on the financial institutions in relation to the commercial conglomerates. First, the congress enacted Banking Law and Financial Holding Companies Law on Jul. 2, 2013 to reduce the limitation of shareholder ownership from 9% to 4%. Second, the congress tries to enforce the fit and proper test of majority shareholders all over the financial institutions. Third, the congress tries to reduce the limitation of voting right of financial institution that is a affiliate of the commercial conglomerate from 15% to 5%. But the enforcing policy of separating banking and commerce would be considered the characteristics of financial sector. Because the banking sector would be more related to the systemic risk of market rather than the securities and insurance sectors.