The Government Accountability Office (GAO) has released a report regarding the increasing regulatory challenges facing the financial services industry, resulting from increased globalization, product convergence, and consolidation among industry participants. The GAO report focuses on three areas: (i) the difficulties of accurately measuring and weighing the burdens of regulation against its benefits, (ii) the challenges posed by the fact that numerous regulators are organized along functional lines but industry participants increasingly participate in businesses that cross multiple functional (and therefore, jurisdictional) lines, and (iii) the various options that have been suggested to enhance the efficiency and effectiveness of the financial regulatory system. The GAO report contains no new recommendations, but notes a variety of recommendations received from industry participants, as well as the GAO’s own prior recommendations on these subjects.