Yes but they have their own regulatory agencies to answer to.
The fact is the biggest problem in finance (and nearly all other sectors of the economy) is not lax government regulation but too much regulation and then that regulation inevitably failing because it sets up a system where the only experts are in the employ of those supposedly being regulated (they can offer significantly higher salaries than the government after all)
For government regulation to work it must follow the KISS principal. You should be able to regulate the entire banking industry on less than 100 8.5x11 pages printed in a 10 pt font double spaced because the only real requirements should be around accounting and reporting to ensure investors and creditors have accurate information regarding the banks true financial position.
no subject
The fact is the biggest problem in finance (and nearly all other sectors of the economy) is not lax government regulation but too much regulation and then that regulation inevitably failing because it sets up a system where the only experts are in the employ of those supposedly being regulated (they can offer significantly higher salaries than the government after all)
For government regulation to work it must follow the KISS principal. You should be able to regulate the entire banking industry on less than 100 8.5x11 pages printed in a 10 pt font double spaced because the only real requirements should be around accounting and reporting to ensure investors and creditors have accurate information regarding the banks true financial position.