A Preliminary Look at State Structures for Regulating Financial Services

54 Pages Posted: 23 Aug 2007 Last revised: 30 May 2019

See all articles by Elizabeth F. Brown

Elizabeth F. Brown

affiliation not provided to SSRN

Edward F. Buckley

University of Pennsylvania

Date Written: May 22, 2019

Abstract

Within the past thirty-five years approximately fifty nations have consolidated their financial regulatory agencies into either a single integrated agency or into two semi-integrated agencies. The United States has resisted this trend, due in part to a concern that the costs of such significant consolidation would exceed its benefits. The existing studies that compare the costs of the consolidated regulators around the world with the United States regime have often been discounted because they have been unable to control for differences in culture and regulatory intensity between those other countries and the United States. This article attempts to address this problem by examining the costs of six different regulatory structures used by the states within the United States, which range from separate agencies for each financial services industry to a single agency that regulates all financial services. As a result, this study provides a better picture of whether consolidation within the United States might result in any cost savings.

Keywords: financial services, financial regulation, banking, securities, insurance

JEL Classification: G10, G18, G20, G21, G22, G28

Suggested Citation

Brown, Elizabeth F. and Buckley, Edward F., A Preliminary Look at State Structures for Regulating Financial Services (May 22, 2019). University of Cincinnati Law Review, Vol. 87, 2019, Available at SSRN: https://ssrn.com/abstract=1008961 or http://dx.doi.org/10.2139/ssrn.1008961

Elizabeth F. Brown (Contact Author)

affiliation not provided to SSRN

Edward F. Buckley

University of Pennsylvania ( email )

Philadelphia, PA 19104
United States

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