Anielski and fellow representative Nan Baker have sponsored legislation initiated by Ohio Attorney General Mike DeWine that would enable regulators to oversee electronic sweepstakes and other "skill-based" games.

There are no sophisticated computer systems to help regulators oversee what the nation's 4,900 mutual funds are doing with the more than $2 trillion entrusted to them by Americans.

In that way, the Securities and Exchange Commission would regulate the banks' securities business, while banking regulators would oversee the securities firms' banking activities.

The inspector general of the Transportation Department announced yesterday that his office would open a sweeping investigation to determine whether federal regulators adequately oversee the safety of railroad grade crossings, where on average one person dies each day.

Financial regulators, such as the UK's Bank of England (BoE) or the U.S. Securities and Exchange Commission (SEC), oversee the capital markets in their jurisdictions to protect investors against fraud, among other duties.

He has argued that since they are essentially linked markets, one regulator should oversee them to provide greater enforcement protection, innovation and competitiveness.

While the companies are owned by investors, they are government-chartered, and a 1992 law allows regulators to oversee severance packages for their executives.

Deputy Treasury Secretary Frank N. Newman described the consensus at a briefing today, saying that regulators are overseeing instead the processes by which financial institutions determine when they face large risks, so as to avoid surprises.

America's four biggest railroads suffer from substantial and systemic safety problems, according to a new federal audit that raises questions about how well federal regulators are overseeing the rail industry.

No Agency Mentioned Even though the Big Board's panel urged that one regulator oversee the financial markets, it deliberately did not mention any agency.