Law and disorder

From The Economist:

A STAFFER at a federal agency says he is often asked how many entities investigate and prosecute financial firms in America. The only short answer he can give is: “a lot”. Here’s a longer one.

Some entities are obvious: the Securities and Exchange Commission (SEC); the Commodity Futures Trading Commission (CFTC); the Office of the Comptroller of the Currency; the Federal Deposit Insurance Corporation; and the Department of Justice (DoJ). Others are less well known: the Office of Foreign Assets Control and the Financial Crimes Enforcement Network are both part of the Treasury, for example. The Federal Reserve has gained new powers and responsibilities under the Dodd-Frank act; it is also obliged to pour money into the newly created Consumer Financial Protection Bureau. The Federal Housing Finance Agency has filed lawsuits against banks for allegedly selling risky home loans to Fannie Mae and Freddie Mac without proper disclosure.

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