GAO Says Financial Regulatory Reform Critical

Law360, New York (January 8, 2009, 12:00 AM EST) -- As Congress and the incoming administration mull a drastic overhaul of the financial regulatory system, there is an urgent need to update and streamline those regulations, according to the U.S. government's chief accountability watchdog.

“As a result of significant market developments in recent decades that have outpaced a fragmented and outdated regulatory structure, significant reforms to the U.S. regulatory system are critically and urgently needed,” the Government Accountability Office wrote. “The current system has important weaknesses that, if not addressed, will continue to expose the nation’s...
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