{ "id": "R44918", "type": "CRS Report", "typeId": "R", "number": "R44918", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com", "versions": [ { "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R44918", "source_dir": "crsreports.congress.gov", "date": "2023-10-13", "typeId": "R", "formats": [ { "format": "PDF", "filename": "files/2023-10-13_R44918_2a041db1606ced494517f62b23fd871f8da826d6.pdf", "url": "https://crsreports.congress.gov/product/pdf/R/R44918/10", "sha1": "2a041db1606ced494517f62b23fd871f8da826d6" }, { "format": "HTML", "filename": "files/2023-10-13_R44918_2a041db1606ced494517f62b23fd871f8da826d6.html" } ], "type": "CRS Report", "summary": null, "title": "Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework", "retrieved": "2023-11-15T04:03:30.129234", "source": "CRSReports.Congress.gov", "id": "R44918_10_2023-10-13" }, { "source": "EveryCRSReport.com", "id": 619968, "date": "2020-03-10", "retrieved": "2020-03-18T22:08:42.390311", "title": "Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework", "summary": "The financial regulatory system has been described as fragmented, with multiple overlapping regulators and a dual state-federal regulatory system. The system evolved piecemeal, punctuated by major changes in response to various historical financial crises. The most recent financial crisis also resulted in changes to the regulatory system through the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (Dodd-Frank Act; P.L. 111-203) and the Housing and Economic Recovery Act of 2008 (HERA; P.L. 110-289). To address the fragmented nature of the system, the Dodd-Frank Act created the Financial Stability Oversight Council (FSOC), a council of regulators and experts chaired by the Treasury Secretary.\nAt the federal level, regulators can be clustered in the following areas:\nDepository regulators\u2014Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Federal Reserve for banks; and National Credit Union Administration (NCUA) for credit unions;\nSecurities markets regulators\u2014Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC);\nGovernment-sponsored enterprise (GSE) regulators\u2014Federal Housing Finance Agency (FHFA), created by HERA, and Farm Credit Administration (FCA); and\nConsumer protection regulator\u2014Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act.\nOther entities that play a role in financial regulation are interagency bodies, state regulators, and international regulatory fora. Notably, federal regulators generally play a secondary role in insurance markets.\nRegulators regulate financial institutions, markets, and products using licensing, registration, rulemaking, supervisory, enforcement, and resolution powers. In practice, regulatory jurisdiction is typically based on charter type, not function. In other words, how and by whom a firm is regulated depends more on the firm\u2019s legal status than the types of activities it is conducting. This means that a similar activity being conducted by two different types of firms can be regulated differently by different regulators. Financial firms may be subject to more than one regulator because they may engage in multiple financial activities. For example, a firm may be overseen by an institution regulator and by an activity regulator when it engages in a regulated activity and by a market regulator when it participates in a regulated market.\nFinancial regulation aims to achieve diverse goals, which vary from regulator to regulator: market efficiency and integrity, consumer and investor protections, capital formation or access to credit, taxpayer protection, illicit activity prevention, and financial stability. \nPolicy debate revolves around the tradeoffs between these various goals. Different types of regulation\u2014prudential (safety and soundness), disclosure, standard setting, competition, and price and rate regulations\u2014are used to achieve these goals.\nMany observers believe that the structure of the regulatory system influences regulatory outcomes. For that reason, there is ongoing congressional debate about the best way to structure the regulatory system. As background for that debate, this report provides an overview of the U.S. financial regulatory framework. It briefly describes each of the federal financial regulators and the types of institutions they supervise. It also discusses the other entities that play a role in financial regulation.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R44918", "sha1": "8ad1481d4fb8ae26e8fbee4e913faa119b078ed5", "filename": "files/20200310_R44918_8ad1481d4fb8ae26e8fbee4e913faa119b078ed5.html", "images": { "/products/Getimages/?directory=R/html/R44918_files&id=/4.png": "files/20200310_R44918_images_6ae69c53d41dc80088ea0e3e3f006dd7af104ef9.png", "/products/Getimages/?directory=R/html/R44918_files&id=/6.png": "files/20200310_R44918_images_7143761e9b67869bf173d1cfa98f32311d6c55d8.png", "/products/Getimages/?directory=R/html/R44918_files&id=/0.png": "files/20200310_R44918_images_3605a92ffaacfa5bc88d0bfbddf8d3c22fd2bad7.png", "/products/Getimages/?directory=R/html/R44918_files&id=/5.png": "files/20200310_R44918_images_071df5e0e07741f58a7024fd15360fbc254432e5.png", "/products/Getimages/?directory=R/html/R44918_files&id=/3.png": "files/20200310_R44918_images_b6bd7d3ba58c7750ad715756905c44bfd28e1121.png", "/products/Getimages/?directory=R/html/R44918_files&id=/2.png": "files/20200310_R44918_images_00f943c2d9ebc47cdabd17e326b37a2aeaccd1f4.png", "/products/Getimages/?directory=R/html/R44918_files&id=/1.png": "files/20200310_R44918_images_0a0e7ff083abba162f8035b06089ff5b4e45cd85.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R44918", "sha1": "8448f8813e769930dd24033bcf31091ff31028c8", "filename": "files/20200310_R44918_8448f8813e769930dd24033bcf31091ff31028c8.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4898, "name": "Financial Market Regulation" } ] }, { "source": "EveryCRSReport.com", "id": 463417, "date": "2017-08-17", "retrieved": "2017-08-21T14:16:32.754086", "title": "Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework", "summary": "The financial regulatory system has been described as fragmented, with multiple overlapping regulators and a dual state-federal regulatory system. The system evolved piecemeal, punctuated by major changes in response to various historical financial crises. The most recent financial crisis also resulted in changes to the regulatory system through the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (Dodd-Frank Act; P.L. 111-203) and the Housing and Economic Recovery Act of 2008 (HERA; P.L. 110-289). To address the fragmented nature of the system, the Dodd-Frank Act created the Financial Stability Oversight Council (FSOC), a council of regulators and experts chaired by the Treasury Secretary.\nAt the federal level, regulators can be clustered in the following areas:\nDepository regulators\u2014Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Federal Reserve for banks; and National Credit Union Administration (NCUA) for credit unions;\nSecurities markets regulators\u2014Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC);\nGovernment-sponsored enterprise (GSE) regulators\u2014Federal Housing Finance Agency (FHFA), created by HERA, and Farm Credit Administration (FCA); and\nConsumer protection regulator\u2014Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act.\nThese regulators regulate financial institutions, markets, and products using licensing, registration, rulemaking, supervisory, enforcement, and resolution powers.\nOther entities that play a role in financial regulation are interagency bodies, state regulators, and international regulatory fora. Notably, federal regulators generally play a secondary role in insurance markets.\nFinancial regulation aims to achieve diverse goals, which vary from regulator to regulator:\nmarket efficiency and integrity, \nconsumer and investor protections, \ncapital formation or access to credit, \ntaxpayer protection, \nillicit activity prevention, and \nfinancial stability. \nPolicy debate revolves around the tradeoffs between these various goals. Different types of regulation\u2014prudential (safety and soundness), disclosure, standard setting, competition, and price and rate regulations\u2014are used to achieve these goals.\nMany observers believe that the structure of the regulatory system influences regulatory outcomes. For that reason, there is ongoing congressional debate about the best way to structure the regulatory system. As background for that debate, this report provides an overview of the U.S. financial regulatory framework. It briefly describes each of the federal financial regulators and the types of institutions they supervise. It also discusses the other entities that play a role in financial regulation.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44918", "sha1": "0fc66f861869e4131c1ba9c35231b30085fc175f", "filename": "files/20170817_R44918_0fc66f861869e4131c1ba9c35231b30085fc175f.html", "images": { "/products/Getimages/?directory=R/html/R44918_files&id=/4.png": "files/20170817_R44918_images_6ae69c53d41dc80088ea0e3e3f006dd7af104ef9.png", "/products/Getimages/?directory=R/html/R44918_files&id=/0.png": "files/20170817_R44918_images_3605a92ffaacfa5bc88d0bfbddf8d3c22fd2bad7.png", "/products/Getimages/?directory=R/html/R44918_files&id=/5.png": "files/20170817_R44918_images_071df5e0e07741f58a7024fd15360fbc254432e5.png", "/products/Getimages/?directory=R/html/R44918_files&id=/3.png": "files/20170817_R44918_images_b6bd7d3ba58c7750ad715756905c44bfd28e1121.png", "/products/Getimages/?directory=R/html/R44918_files&id=/6.png": "files/20170817_R44918_images_7143761e9b67869bf173d1cfa98f32311d6c55d8.png", "/products/Getimages/?directory=R/html/R44918_files&id=/2.png": "files/20170817_R44918_images_00f943c2d9ebc47cdabd17e326b37a2aeaccd1f4.png", "/products/Getimages/?directory=R/html/R44918_files&id=/1.png": "files/20170817_R44918_images_0a0e7ff083abba162f8035b06089ff5b4e45cd85.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44918", "sha1": "35e56ac0e54fff98c636867ee8104ca330318298", "filename": "files/20170817_R44918_35e56ac0e54fff98c636867ee8104ca330318298.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4898, "name": "Financial Market Regulation" } ] } ], "topics": [ "Agricultural Policy", "Economic Policy", "Foreign Affairs" ] }