Th e United States governs the fi nancial-services industry through a system of executive departments, independent agencies, commissions, and the Federal Reserve. Banks select their own regulator under the “doctrine of choice.” 1 Th e complex and confusing system for fi nancial fi rms poses myriad opportunities for regulatory arbitrage at both the federal and state levels. As it has developed throughout American history, it has simultaneously fostered innovation and served as a source of financial instability from the political system. 2 Episodic crises occur that could ultimately threaten the payment system of the entire national economy—meaning that if the banking system fails, businesses and individuals would not be able to pay their bills and production would nearly halt. Recovery from a fi nancial crisis takes longer than from other than other economic contractions, and such crises have a deep and lasting eff ect on asset prices, output, and employment. 3 Given the signifi cant role of the American economy in the global fi nancial system, the American regulatory framework has substantive implications for both domestic and international economic stability.

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构建美国金融治理：SEC、OTS 和 CFPB 的时间和创建

美国通过一个由执行部门、独立机构、委员会和美联储组成的系统来管理金融服务业。银行根据“选择原则”选择自己的监管机构。1 金融公司复杂且令人困惑的系统为联邦和州一级的监管套利提供了无数机会。随着它在美国历史上的发展，它同时促进了创新，并成为政治体系中金融不稳定的根源。2 偶发性危机的发生最终可能威胁到整个国民经济的支付系统——这意味着如果银行系统倒闭，企业和个人将无法支付账单，生产将几乎停止。从金融危机中复苏所需的时间比从其他经济收缩中恢复的时间长，此类危机对资产价格、产出和就业产生深远而持久的影响。3 鉴于美国经济在全球金融体系中的重要作用，美国的监管框架对国内和国际经济稳定都有实质性影响。