Lawrence P Cowell 
Modernizing Financial Regulation 

The current U.S. financial regulatory system has relied on a fragmented and complex arrangement of federal and state regulators, put into place over the past 150 years, that has not kept pace with major developments in financial markets and products in recent decades. As the nation finds itself in the midst of one of the worst financial crises ever, the regulatory system increasingly appears to be ill-suited to meet the nation’s needs in the 21st century. This book explores a framework for modernizing the outdated U.S. financial regulatory system to help policymakers weigh various regulatory reform proposals and consider ways in which the current regulatory system could be made more effective and efficient.