Congress is set to vote on legislation that enacts key recommendations from BPC on how to improve financial regulation and oversight.
Modernizing Our Regulatory Structure
By Richard H. Neiman and Mark Olson, Co-Chairs of the Financial Regulatory Reform Initiative’s Regulatory Architecture Task Force, Bipartisan Policy Center
“Streamlining America’s financial regulatory architecture was a major missed opportunity in the Dodd-Frank Act. Our existing structure is a patchwork of reactions to past financial crises that date back more than 150 years. Modernizing this patchwork system would improve regulation, enhance financial stability and increase economic growth. Today, we propose a road map for how to achieve these goals.” Read the op-ed here and BPC’s report Dodd-Frank’s Missed Opportunity: A Road Map for a More Effective Regulatory Architecture here.
Complex systems are rarely designed from scratch. Governmental oversight structures often evolve through a series of reactions to crises, profit opportunities, and new technologies, not to mention scandals and other high-profile news events.
The United States needs a financial regulatory system that is both effective and efficient, and one that will not be a significant contributor to the next crisis