The Outlook For US Financial Regulation

Law360, New York (September 23, 2008, 12:00 AM EDT) -- The US financial regulatory system is unique in its complexity. Based on a long tradition of popular resistance to central authority, the responsibilities of federal and state regulators overlap in all financial sectors.

The result is a structure that is “sub-optimal, duplicative and outdated,” in the words of Treasury Secretary Paulson.

Banking regulators include state banking supervisors; the Office of the Comptroller of the Currency (OCC), created in the crucible of the Civil War and part of the Treasury Department; the Federal Deposit Insurance Corporation (FDIC),...
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