GET TO KNOW THE FINANCIAL REGULATORS IN THE US
Federal Reserve Board. A product of the Federal Reserve Act in 1913, the institution is accountable for money, overall credit conditions, and liquidity in the country. As stated in the Act, the FRB aims to promote maximum employment, stable prices, and long-term interest rates. The board is also responsible for overseeing and managing the banking system. The Fed’s actions are determined by the Federal Open Market Committee (FOMC).
Federal Deposit Insurance Corporation. Founded by the Glass-Steagall Act of 1933, the FDIC is responsible for insuring deposits, evaluating and administering financial institutions, and managing receiverships to ensure the safety of checking and savings deposits at banks. The independent agency’s mandate is to guard up to $250,000 per depositor. FDIC was established due to the bank runs during the Great Depression in 1930s.
Office of the Comptroller of the Currency. Since 1863, OCC’s main purpose is to manage, regulate, and provide charters to banks in the United States in order to ensure these financial institutions meet all requirements and are operating safely, as well as the strength of the general banking system. By doing so, they can give reliable banking and financial services.
Office of Thrift Supervision. OTC was created by the Treasury Department through the Financial Institutions Reform, Recovery and Enforcement Act of 1989. This relatively new federal agency overlooks federal savings associations (or also called thrifts or savings and loans). OTS obtains its funding through the institutions it oversees.
Commodity Futures Trading Commission. CFTC is an independent authority governing commodity futures and options markets, as well as providing competitive and operative futures markets. Founded in 1974, it also aims to shield investors against abusive trade practices, fraud, and market manipulation. CFTC also maintains smooth process for clearing. Its landscape was changed when the Commodity Futures Modernization Act of 2000 was enacted.
Financial Industry Regulatory Authority. Considered a self-regulatory organization, FINRA comes from its antecedent, the National Association of Securities Dealers (NASD) in 2007. This was initially established as a result of the Securities Exchange Act of 1934. Their duty include administrating all transactions between brokers, dealers, and the public, as well as educating financial professionals, licensing, and testing agents. It also serves as a mediator and arbitrator in disputes between brokers and clients.
State Bank Regulators. Although operating like the OCC, they are managing the chartered banks at the state level. Its oversight works relative to the Fed and the FDIC.
State Insurance Regulators. These regulators are in-charge of tracking, evaluating, and managing the insurance industry in their states. This is done by protecting consumers, executing legal actions, investing criminal acts, and providing authority and licensing certificates.
State Securities Regulators. For matters about the state’s securities business, these entities are working with the FINRA and the SEC. They are responsible for enlisting investment advisors who are not mandated to register with the SEC, and also enforce legal actions with these professionals.
Securities and Exchange Commission. SEC was created by the power of the Securities Exchange Act of 1934. Being one of the most integral and powerful agencies in America, the agency acts independently of the US government. SEC implements federal securities laws and oversees most of the securities industry. It encompasses the US stock exchanges, options exchanges and markets, electronic exchanges, and electronic securities markets. It also manages the investment advisors that are not part of the state regulatory agencies.
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