User:Pnm/Sandbox/Financial regulation in the United States

In the United States, financial regulation is provided by federal legislation, federal agencies, federally-mandated organizations, state agencies, and the industry's self regulation.

The House Committee on Financial Services (formerly the Banking and Currency Committee) and Senate Committee on Banking, Housing, and Urban Affairs are the congressional committees which handle financial reform.

Monetary policy
Monetary policy in the United States is established and implemented by the Federal Reserve System, which was established in 1913 to provide central banking functions. The system is quasi-public: the Federal Reserve Banks are 12 private corporations, but are legislatively accountable to Congress through the Board of Governors, a federal agency.

Deposit insurance
The United States was the first country to enact an official deposit insurance scheme. In 1933 the Glass–Steagall Act established the Federal Deposit Insurance Corporation (FDIC) to insure deposits at commercial banks.

In 1970 Congress established a separate fund for credit unions, the National Credit Union Share Insurance Fund. The NCUSIF insures all federally-chartered credit unions and many state-chartered credit unions (98% as of 2009). Some others are insured by the private guaranty corporation American Share Insurance (156 as of 2009).

In 1934, Congress created the Federal Savings and Loan Insurance Corporation to insure savings and loan deposits. In the 1980s during the savings and loan crisis the FSLIC became insolvent and was abolished; its responsibility was transferred to the FDIC.

Some financial institutions offer insurance in excess of FDIC or NCUA limits. For example, the Depositors Insurance Fund (DIF) insures excess deposits at Massachusetts-chartered savings banks. American Share Insurance provides excess share insurance at participating credit unions.

Federal regulatory authorities:


 * Federal Reserve Board (FRB)
 * Federal Deposit Insurance Corporation (FDIC)
 * Office of the Comptroller of the Currency (OCC)
 * Office of Thrift Supervision (OTS)
 * Federal Financial Institutions Examination Council (FFIEC)

Commodities and futures
Category:United States federal commodity and futures legislation