ABSTRACT
This chapter begins with a description of the long-delayed and disappointing report of the Financial Crisis Inquiry Commission (FCIC), which was tasked with identifying the causes of the Financial Crisis of 2008. It then recounts birthing problems at two new financial regulatory bodies created in the wake of the Financial Crisis by the Dodd-Frank Act of 2010, that is, the Consumer Financial Protection Bureau (CFPB) and the Financial Stability Oversight Council (FSOC). This chapter additionally traces efforts by the Federal Reserve Board (Fed) to impose enhanced regulation on large banks. It reviews battles in Congress over the rising budget deficit from the federal relief programs that sought to restore the economy after the Great Recession. Finally, this chapter details concerns over deficits in state budgets and pension funds.
