GAO report on financial regulatory system

The GAO (Government Accountability Office) recently released a 107-page report, "Financial Regulation: A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System" (GAO-09-216, January 08, 2009). The report is currently posted on the main page of the GAO web site, by date. Rather than provide specific recommendations for reform, the report outlines the issues that need to be addressed.

"....To help policymakers better understand existing problems with the financial regulatory system and craft and evaluate reform proposals, this report (1) describes the origins of the current financial regulatory system, (2) describes various market developments and changes that have created challenges for the current system, and (3) presents an evaluation framework that can be used by Congress and others to shape potential regulatory reform efforts. ..."

The report includes review comments from organizations such as the American Bankers Association, the Consumers Union, FDIC, and the Mortgage Bankers Association.

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