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"Despite changes over the past 70 yr, the U.S. federal financial regulatory system remains rooted in the reforms of the 1930s. The institutions governed by this system have, nevertheless, continued to evolve. Today, regulation of large, multiproduct, internationally active financial organizations poses challenges for a system designed largely to regulate smaller, distinct, locally based organizations. Reform of the regulatory system, however, is not an easy task-complex issues regarding deposit insurance, the role of the central bank, and the dual banking system must be addressed. In the absence of a crisis, however, regulatory restructuring will not likely generate much political interest". ("JEL" G28) Copyright 2007 Western Economic Association International.