In the News (from The Washington Post): “U.S. Weighs Single Agency to Regulate Banking Industry” Senior administration officials are considering the creation of a single agency to regulate the banking industry… Under the current system, banks can choose their regulator.

Because the OCC, OTS and FDIC are funded by fees from the banks, the regulators have an incentive to compete for business by offering more lenient oversight. The system also divides supervision of the largest financial conglomerates among multiple agencies, each with responsibility for certain subsidiaries, creating gaps in coverage that companies have exploited.

My Comment: There is no other solution but to create an international coalition of financial bodies. However, the petty human ego will not allow people to realistically accept this alternative as the way out of the crisis.

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