Peer Review of the United States
The main purpose of this peer review is to examine three topics that are relevant for financial stability and important for the United States: systemic risk oversight arrangements; supervision and oversight of financial market infrastructures (FMIs); and insurance supervision. All three topics were included in the key FSAP recommendations and are topical for the broader FSB membership. Te review finds that good progress has been made by the US authorities in following up on the FSAP recommendations, particularly as regards systemic risk oversight arrangements and the supervision and oversight of FMIs. A unifying theme behind all three topics is the complex and fragmented US regulatory and supervisory structure, characterised by multiple agencies at the state and federal levels with closely related (and sometimes overlapping) responsibilities. To a large extent, the reforms analysed in this peer review focus on the need to ensure effective and efficient coordination and information sharing arrangements and to address any overlaps or gaps in the roles and responsibilities of the respective agencies.