The Federal Reserve Board (Fed) and its banks, including the Federal Reserve Bank of New York, has been with us since 1913. While a number of the things that it does and its responsibilities have changed over the years, one thing has not: its respected status both here and abroad as a world-class safety and soundness (S&S) regulator. It is without a doubt more respected than any other U.S. or foreign safety and soundness regulator. Although the United Kingdom’s Financial Services Authority (FSA) had its moment in the sun, it has been significantly tarnished by the current financial services crisis.
Although our federal bank regulators each has its own niche, none comes close to the Fed. They include: the Office of the Comptroller of the Currency (OCC) which regulates our national banks; the Office of Thrift Supervision (OTS) which regulates our thrift institutions (and hopefully will be merged with the OCC); the Federal Deposit Insurance Corporation (FDIC), basically a deposit insurer for our national and state banks and thrifts and federal regulator for state non-member banks; the Securities and Exchange Commission (SEC) for our securities markets; and the Commodity Futures Trading Commission (CFTC) for our futures markets.
Today’s Fed
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