WASHINGTON — The Government Accountability Office recently completed its report on finding efficiencies in the regulation of the financial services sector as required under the Financial Services Regulatory Relief Act of 2006.
|The cost of regulatory compliance is difficult to separate from other expenses, according to GAO's FINANCIAL REGULATION: Industry Trends Continue to Challenge the Federal Regulatory Structure."Regulatory agencies, however, have undertaken several initiatives to reduce regulatory burden; these efforts contributed to the Financial Services Regulatory Relief Act of 2006," the report read. "While noting that regulation contributes to confidence in financial institutions and markets, participants in the Forum agreed regulators have opportunities to further reduce regulatory burden and suggested regulators better measure the results of implemented regulations."
|The report recognized, "The current regulatory structure, with multiple agencies that oversee segments of the financial services industry, is challenged by a number of industry trends. The development of large, complex, internationally active firms whose product offerings span the jurisdiction of several agencies creates the potential for inconsistent regulatory treatment of similar products, gaps in consumer and investor protection, or duplication among regulators." While collaborative efforts are being made, challenges remain.
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