August 18, 2022 3:01PM 

# Does the United States Have More Financial Regulators than Other Countries? 

By [Norbert J. Michel](https://www.cato.org/people/norbert-michel), [Nicholas Anthony](https://www.cato.org/people/nicholas-anthony), and [Nicholas Thielman](https://www.cato.org/people/nicholas-thielman) 

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The United States is second to none in terms of creating the most financial regulatory agencies. Between the Federal Reserve (the Fed), the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN), and a host of others, the financial regulatory regime in the United States towers over the regimes in the United Kingdom, Canada, and many other developed countries (Figure 1).

![Number of Regulators by Country](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/ad446bd8-70a3-483a-9709-eb6ae0faa0da.jpg) 

Comparing regulators across countries, however, is not as straightforward as it may sound. While many regulators cover the same general issues (e.g., banks, the stock market, etc.), the powers afforded to them can differ significantly. Therefore, we have generally limited this list to regulators with the authority to examine or investigate private businesses, issue rulemaking or guidance, and conduct enforcement on the national level. We have also excluded both international and state-level regulators. The table below features a breakdown of each regulator considered along with sources that describe their relevant authorities.

If you have suggestions regarding including or excluding certain regulators, please email us at [CatoCMFA@​cato.​org](mailto:CatoCMFA@cato.org) with “Financial Regulators” in the subject line. Also, be sure to check this page periodically as we will add additional countries over time.

![Financial Regulators by Country](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/866ea10a-9151-4c2d-a54d-e32a5a54d6a2.jpg) 

##### Related Tags 

[Banking and Finance](https://www.cato.org/banking-finance), [Monetary Policy](https://www.cato.org/monetary-policy), [Regulation](https://www.cato.org/regulatory-studies), [Center for Monetary and Financial Alternatives](https://www.cato.org/center-monetary-financial-alternatives) 

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