Norton noted in comments at a panel discussion in Washington, D.C., that the FSB includes representatives from only three U.S. regulators — the Federal Reserve, Treasury Department and SEC — versus more than 20 from Europe. “It’s twenty to three. Who’s driving the policy decisions?” he asked. Norton added:
In these discussions, when there [are] 20 people from Europe and they have one financial system, and there’s three from the U.S. — and by the way, the three don’t always get along — you get a policy process that is convoluted.