Financial Regulatory Reform - A New Foundation: Rebuiding Financial Supervision and Regulation

The ultimate responsibility for prudential standard-setting and supervision for Tier 1 FHCs must rest with a single regulator. The public has a right to expect that a clearly identifiable entity, not a committee of multiple agencies, will be answerable for setting standards that will protect the financial system and the public from risks posed by the potential failure of Tier 1 FHCs. Moreover, a committee that included regulators of specific types of financial institutions such as commercial banks or broker-dealers (functional regulators) may be less focused on systemic needs and more focused on the needs of the financial...
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Financial Regulatory Reform - A New Foundation: Rebuiding Financial Supervision and Regulation