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CRS: Financial Regulatory Reform and the 111th Congress

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Financial Regulatory Reform and the 111th Congress, March 31, 2010

  • “One issue in financial reform is the potential reorganization of the financial system regulatory architecture. Currently, the United States has many regulators, some with overlapping jurisdictions, but with gaps in oversight of some issues. This structure evolved largely in reaction to past financial crises, with new agencies and rules created to address the perceived causes of the particular financial problems at that time. One option would be to consolidate agencies that appear to have similar missions. For example, the five regulators with bank examination authority could be merged or the two regulators with securities and derivatives oversight could be merged. Another option would be to remove regulatory authority on a particular topic from the multiple agencies that might address it within their area now, and establish a single agency to address that issue. For instance, a single consumer financial protection agency or a single systemic risk
    regulator could be created. Both the House and the Senate are considering the establishment of a single entity to focus on consumer financial protection and some consolidation of bank regulators, although details differ. Neither the House-passed nor the Senate committee proposals would consolidate the securities and derivatives regulators or create a single systemic risk regulator.”

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