For example, if a particular state in the U.S. were to experience a build-up in private sector liabilities that threatened its local banks, the responsibility for recapitalisation and deposit insurance would fall on the federal government – through institutions like the U.S. Treasury and the Federal Deposit Insurance Corporation.
2  The Securities and Exchange Commission, The Securities Commission of each state, the Commodity Futures Trading Commission, the National Association of Insurance Commissioners, each state for insurance matters, and the Pension and Welfare Benefits Administration of the Department of Labor.