NERA Vice President Dr. Sharon Brown-Hruska and Scott McCleskey, Managing Editor of Complinet's North American office, participated in a Complinet webinar on 7 April 2010 to discuss problems within the US financial regulatory system in light of the recent crisis. For decades, the regulatory system has relied on a fragmented and complex arrangement of federal and state regulators, but the crisis has led many market and regulatory experts to call for the retooling of a regulatory system that is in need of significant modernization. As Congress debates the financial reform tasks ahead, Dr. Brown-Hruska and Mr. McCleskey discussed a number of issues, including: whether some regulators are more effective than others at certain tasks; the role "interconnectedness" played in the recent crisis; whether a case has been made for a new consumer protection authority in financial services; how systemic risk can best be identified and addressed; and the nature of the growing role of state regulatory authorities.