http://www.investmentnews.com/…

The financial services industry yesterday called on Congress to enact sweeping regulatory reforms, including creating a “stability regulator” to oversee systemic risk in all financial services firms.

Among those calling for a “financial markets stability regulator” was Timothy Ryan, president and chief executive of the Securities Industry and Financial Markets Association of New York and Washington.

The U.S. financial markets regulatory structure dates back to the Great Depression, he noted.

In contrast to that time, “financial institutions no longer operate in single product, or business silo, or in purely domestic or local markets,” Mr. Ryan told the House Financial Services Committee, which held a hearing on revamping the financial regulatory structure. “Instead, they compete across many lines of business and in many markets that are largely global,” he said.

However, the U.S. financial regulatory structure “remains ‘siloed’ at both the state and federal levels. No single regulator currently has access to sufficient information or the practical and legal tools and authority necessary to protect the financial system as a whole against systemic risk,” Mr. Ryan said.

Spoken like a true believer in centralized economic planning. Good luck with that. Perhaps you should check with the USSR and Mises to see how well that works out.