The issue of the optimal structure of supervision came into much sharper focus in the wake of the financial crisis, with the failure of the FSA to prevent a financial crisis in the United Kingdom having a critical impact on the debate. Major reforms have now been legislated in the United States, Europe, and the United Kingdom.
In the Dodd-Frank bill, the responsibility for coordination is placed in a committee of regulators chaired by the secretary of the treasury. In the UK, the responsibility for virtually all financial supervision is being transferred to the Bank of England, and the responsibility will be placed with a Financial Policy Committee, chaired by the Governor.