Who regulates whom?

In a recent paper, the Congressional Research Service (CRS) gives an overview of U.S. financial supervision. It notes: "Historically, major changes in financial regulation in the United States have often come in response to crisis. Thus, one could have predicted that the turmoil beginning in 2007 would lead to calls for reform." CRS did this report to provide a basis for evaluating such legislative proposals. It focuses on H.R.4173, the Wall Street Reform and Consumer Protection Act of 2009, which "would overhaul the financial regulatory structure." The paper includes discussions of capital requirements, federal financial regulators, and unregulated markets and institutions.

Who Regulates Whom? An Overview of U.S. Financial Supervision, R40249 (40pp/404kB), from Open CRS, Dec. 14, 2009