In response to what it called the worst financial crisis in more than 75 years, the Government Accountability Office (“GAO”) released a report, dated January 8, 2009, titled “Financial Regulation-A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System.” Unlike other regulatory initiatives designed to address the recent credit crisis, and in light of the inevitable regulatory changes that will be adopted, the GAO’s proposal represents a meta-framework that sets out many of the underlying causes for the crisis and identifies criteria to be used in evaluating any proposed regulatory change.
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