A Pragmatic Approach to the Phased Consolidation of Financial Regulation in the United States
The financial crises of the past year have put the issue of financial regulatory structure on the front burner of public policy for the first time in many years, making possible reforms on a scale not imaginable since the Great Depression. Dramatic increases in market volatility, unprecedented interventions by the Federal Reserve Board to sustain securities firms, palpable failures to protect consumers in mortgage lending markets, and lingering concerns over the competitiveness of the American financial services industry have all combined to put regulatory reorganization on the national agenda. While the United States employs more financial regulators and expends a higher percentage of its gross domestic product on financial oversight than any other major country,1 events of the past few years suggest that the country has not obtained a higher quality of supervision than other jurisdictions. Indeed, to the extent the current credit turmoil had its origins in the United States, one could quite plausibly claim that our regulatory structure has done a good deal worse than other more streamlined systems in protecting consumers and ensuring market stability. As the rest of the world has moved towards more consolidated forms of regulatory oversight, a natural question posed by recent events is whether the United States should also undertake such a regulatory reorganization and, if so, how such a reorganization should be accomplished.
When requesting a correction, please mention this item's handle: RePEc:fmg:fmgsps:sp184. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (The FMG Administration)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.