**GAO-09-314T**                      Published: Jan 21, 2009. Publicly Released: Jan 21, 2009.                  

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## Highlights

This testimony discusses GAO's January 8, 2009, report that provides a framework for modernizing the outdated U.S. financial regulatory system. GAO prepared this work under the authority of the Comptroller General to help policymakers weigh various regulatory reform proposals and consider ways in which the current regulatory system could be made more effective and efficient. This testimony (1) describes how regulation has evolved in banking, securities, thrifts, credit unions, futures, insurance, secondary mortgage markets and other important areas; (2) describes several key changes in financial markets and products in recent decades that have highlighted significant limitations and gaps in the existing regulatory system; and (3) presents an evaluation framework that can be used by Congress and others to shape potential regulatory reform efforts.

## Full Report

Full Report (30 pages)

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## Topics

Auditing and Financial Management

Banking lawBanking regulationConsumer protectionCreditEconomic analysisFederal regulationsFinancial analysisFinancial futuresFinancial institutionsFinancial management systemsFinancial markets regulationFinancial regulationFunds managementFuturesIndependent regulatory commissionsInsurance regulationLending institutionsLoansMortgage programsRegulatory agenciesRisk managementSecuritiesSecurities regulationStandardsSystems analysisCost estimatesPolicies and procedures