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Financial Regulation: Recent Crisis Reaffirms the Need to Overhaul the U.S. Regulatory System: Congressional Testimony
Richard J. Hillman (au)
Discusses issues relating to efforts to reform the regulatory structure of the financial system. In the midst of the worst economic crisis affecting financial markets globally in more than 75 years, fed. officials have taken unprecedented steps to stem the unraveling of the financial services sector. While these actions aimed to provide relief in the short term, the severity of the crisis has shown clearly that in the long term, the current U.S. financial regulatory system was in need of significant reform. GAO’s Jan. 2009 report presented a framework for evaluating proposals to modernize the U.S. financial regulatory system, and work GAO has conducted since that report further underscores the urgent need for changes in the system. Given the importance of the U.S. financial sector to the domestic and international economies, in January 2009, GAO also added modernization of its outdated regulatory system as a new area to their list of high-risk areas of government operations because of the fragmented and outdated regulatory structure. This testimony discusses (1) how regulation has evolved and recent work that further illustrates the significant limitations and gaps in the existing regulatory system, (2) the experiences of countries with other types of varying regulatory structures during the financial crisis, and (3) how certain aspects of proposals would reform the U.S. regulatory system. Table.
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