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Events • September 11, 2025 

# Right-sizing Financial Regulation: Federalism and Financial Regulation 

Financial markets are some of the most heavily regulated markets in the United States. Firms and individuals that wish to engage in financial services–related businesses face complex regulatory regimes that are overseen by a web of agencies that includes, on the federal level, several banking regulators, two markets regulators, and a consumer protection regulator. But the regulation doesn’t end there, as a host of other agencies, including state-level regulators and self-regulatory organizations, may also have oversight responsibilities. As attention has turned to ideas of government efficiency, financial regulation should not be left out of the conversation. But how should we right-size financial regulation?

Our conference seeks to shed light on this question by asking: How many financial regulators is the right number? What should the balance be between federal and state financial regulation? Should the Federal Reserve shed its regulatory functions? Has federal intervention in housing finance gone too far?

##### Featuring 

![Julie Hill circle](/sites/cato.org/files/styles/author_picture/public/2025-08/julie-hill-circle.jpeg?itok=KowCacUZ) 

##### Julie Hill 

University of Wyoming College of Law

![Penny Lee circle](/sites/cato.org/files/styles/author_picture/public/2025-08/penny-lee-circle.jpeg?itok=TrfRBQ-Q) 

##### Penny Lee 

Financial Technology Association

![Joann Needleman circle](/sites/cato.org/files/styles/author_picture/public/2025-08/joann-needleman-circle.jpeg?itok=WIy2_Fti) 

##### Joann Needleman 

Clark Hill PLC

![Roberta Romano circle](/sites/cato.org/files/styles/author_picture/public/2025-08/roberta-romano-circle.jpeg?itok=DFdnhJ2F) 

##### Roberta Romano 

Yale Law School

![Jon Hill circle](/sites/cato.org/files/styles/author_picture/public/2025-08/jon-hill-circle.jpeg?itok=5qJJTyg9) 

##### Jon Hill 

*Law360*

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](https://twitter.com/J_Y_Hill)