The designers of financial modernization legislation and the holding company or umbrella supervisor must consider how to change that approach as bank affiliates increasingly are engaged in businesses not permitted to banks, and possibly even subject to regulation by a nonbank regulator. At a minimum, it is desirable to avoid redundant regulation.
To mention just one statistic, the life expectancy at birth was 41 years in 1960, 54 years in 1978 and has gone up to almost 70 years at the latest count. 31. A vibrant financial sector is an inevitable part of a developed modern society.