The Federal Reserve does oversee and regulate the banking industry in the US, including the commercial banking industry. Because the largest commercial banks – Morgan Stanley, JPMorgan Chase, and Goldman Sachs, also have large trading desks – many people believe that the Fed also regulates the stock markets. Not only does the Fed not regulate the stock market, its role in regulating banks is limited to bank holding companies. While this does give the Fed some regulatory powers over most national banks, the bulk of bank regulation comes from the Office of the Comptroller of Currency (OCC).