Federal financial regulation in the United States has evolved through a series of piecemeal responses to developments and crises in financial markets. This book provides an overview of current U.S. financial regulation: which agencies are responsible for which institutions and markets, and what kinds of authority they have. Banking regulation is largely based on a quid pro quo that was adopted in response to widespread bank failures. Federal securities regulation is based on the principle of disclosure, rather than direct regulation. Derivatives trading is supervised by the Commodity Futures Trading Commission (CFTC), which oversees trading on the futures exchanges, which have self-regulatory responsibilities as well. There is also a large over-the-counter (off-exchange) derivatives market that is largely unregulated. The Federal Housing Finance Agency (FHFA) oversees a group of government-sponsored enterprises (GSEs) -- public/private hybrid firms that seek both to earn profits and to further the policy objectives set out in their statutory charters. No federal agency has jurisdiction over trading in foreign exchange or U.S. Treasury securities; non-bank lenders fall outside the regulatory umbrella; and hedge funds, private equity firms, and venture capital investors are largely unregulated (although their transactions in securities and derivatives markets may be).