Tip:
Highlight text to annotate it
X
[ Music ]
I'm Orice Williams Brown
from GAO's Financial Markets
and Community Investment Team.
The recent financial crisis has
had far reaching implications
for both U.S.
and global financial markets
resulting in unprecedented
federal involvement
and coordinated
global cooperation.
It has also offered the most
recent and dramatic example
of the need
to modernize the outdated U.S.
regulatory system.
In January 2009,
GAO placed the financial
regulatory system
on our high-risk list.
While issues
in the financial markets appear
to be less dire, Congress
and the Administration have
yet to reform the U.S. financial
regulatory system
to reflect 21st century
realities and challenges.
As we have reported,
several significant changes
in the markets and products
in the past few decades have
revealed limitations and gaps
in the existing regulatory
system that, if not addressed,
will continue
to expose the financial system
and our economy
to serious risks.
Any reform plan must include
developing a regulatory
framework that is able to adapt
to market changes;
protect consumers; identify,
monitor, and manage systemic
risk; and require market
participants to bear the cost
of failures,
not American taxpayers.
[ Music ]