Product Safety Regulation as a Model for Financial Services Regulation

摘要: Because of product safety regulations, exploding toasters and other dangerous products are rare in the American marketplace. Despite fact that financial can also be dangerous, with terms as incomprehensible an electrical wiring diagram, regulation is far less comprehensive. Most turns on identity issuer—federal bank, state thrift, private issuer—rather than itself. Instead using experts, regulated mainly by agencies whose principal responsibility to protect profitability institutions issue products. A Financial Product Safety Commission would provide coherent products, eliminating their most features.