| Summary: | The United States have experienced a major financial meltdown in recent years. The economic consequences have been dramatic and traumatic, and are still being felt across the nation. Millions of people have lost their job and many more million have lost their homes. The impacts of the financial crisis and economic recession have rippled around the world, affecting economies large and small, such as China and Iceland. Many reasons have been offered to account for the financial crisis. Opinions differ substantially, largely dependent on economic orientation and political persuasion. Formally, the US Government is in the process of identifying the causes and drafting legislations for financial regulatory reform. This paper outlines the leading thinking and the current legislative initiatives on this matter. The paper is divided into four sessions. After this introduction, we discuss the course and the proposed solutions. It concludes by summarizing the most recent reform bill of US Senate. This financial storm and their proposed counter measures in the US may prove to be of relevance and value to researchers and policy makers in China. Transparency&Accountability; Too Big to Fail; Advanced Warning System; US Financial Crisis
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