Jennifer J. Schulp and Christian Kruse
From housing finance to banking regulation, financial markets are some of the most heavily regulated markets in the United States. Firms and individuals wishing to engage with financial service-related businesses face a complex regulatory regime overseen by a web of agencies that includes, on the federal level, several banking regulators, two market regulators, and a consumer protection regulator. But the regulation doesn’t end there, as a host of other agencies, including state-level regulators and self-regulatory organizations, may also have oversight responsibilities, adding to the mix.
This Byzantine framework isn’t some untouched remnant of the early twentieth century either. Congress has added and removed regulators over the years. After the financial crisis in 2008, Congress created an entire agency, the Federal Housing Finance Agency, not to oversee all housing finance, but just two government-sponsored entities, Fannie Mae and Freddie Mac. And although the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 eliminated the Office of Thrift Supervision, it also established the Consumer Finance Protection Bureau, a new agency to “implement and enforce Federal consumer financial law.” While changes to the financial regulatory structure are often done in the name of consumer protection and financial stability, we should be asking if there are too many agencies undertaking too much regulation.
As recent attention has turned to government efficiency in Congress and the administration, financial regulation should not be left out of the conversation. But how should we right-size financial regulation? How many financial regulators is the right number? What should the balance be between federal and state financial regulation? Should the Federal Reserve shed its regulatory functions? Has federal intervention in housing finance gone too far?
On September 11, 2025, Cato’s Center for Monetary and Financial Alternatives is hosting “Right-Sizing Financial Regulation,” a full-day conference dedicated to the question of how to best design a financial regulatory system. Our conference will bring together leading policymakers and experts to discuss right-sizing financial regulation and will feature a fireside chat with Hester Peirce, Commissioner of the Securities and Exchange Commission.
Our program includes:
9:30 — 9:35 a.m.: Opening Remarks by Norbert Michel, Center for Monetary and Financial Alternatives, Cato Institute
9:35 — 10:45 a.m.: Panel Discussion on Regulatory Design
- Todd Fox, Visa Economic Empowerment Institute
- Thomas Hoenig, Mercatus Center
- Aaron Klein, Brookings Institution
- Thomas Vartanian, Financial Technology & Cybersecurity Center
- Ryan Tracy, Capitol Account (moderator)
11:00 a.m. — 11:30 a.m.: Fireside chat with Commissioner Hester Pierce, US Securities and Exchange Commission, moderated by Jennifer Schulp, Center for Monetary and Financial Alternatives, Cato Institute
11:45 a.m. — 1:00 p.m.: Panel Discussion on the Federal Reserve as a Financial Regulator
- Sean Campbell, Financial Services Forum
- Jai Kedia, Center for Monetary and Financial Alternatives, Cato Institute
- Heidi Mandanis Schooner, Antonin Scalia Law School
- Victoria Guida, Politico (moderator)
1:45 p.m. — 3:00 p.m.: Panel Discussion on Government Intervention in Housing Finance
- David Dworkin, National Housing Conference
- Norbert Michel, Center for Monetary and Financial Alternatives, Cato Institute
- Edward Pinto, American Enterprise Institute
- Dana Wade, The Peter G. Peterson Foundation
- Claire Williams, American Banker (moderator)
3:15 p.m.- 4:25 p.m.: Panel Discussion on Federalism and Financial Regulation
- Julie Hill, University of Wyoming College of Law
- Penny Lee, Financial Technology Association
- Joann Needleman, Clark Hill PLC
- Roberta Romano, Yale Law School
- Jon Hill, Law360 (moderator)
Register here to attend in person or online to join this important conversation.