The current U.S. financial regulatory system has relied on a fragmented and complex arrangement of federal and state regulators – put into place over the past 150 years – that has not kept pace with major developments in financial markets and products in recent decades. As the nation finds itself in the midst of one of the worst financial crisis ever, it has become apparent that the regulatory system is ill-suited to meet the nation’s needs in the 21st century. This book examines several key changes in financial markets and products in recent decades and highlights significant limitations and gaps in the existing regulatory system. In addition, the authors of this book identify eight specific areas most urgently in need of reform and make recommendations for the future. This book consists of public documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.