Summary
The U.S. financial system contains large and active markets for stocks, bonds, and commodities, as well as digital assets (e.g., cryptocurrencies) and other financial instruments. This report describes authoritative, open-access sources for current and historical information about major financial markets in the United States. These sources include commercial businesses, industry groups, and government agencies.
This report also provides links to federal financial regulatory agencies data, selected glossaries with background information about financial markets, and related CRS products.
For information on nonfinancial economic indicators, see CRS Report R43295, Resources for Key Economic Indicators, by Ben Leubsdorf and Jennifer Teefy.
Introduction
The U.S. financial system contains large and active markets for stocks, bonds, and commodities, as well as other financial instruments. Because of the economic significance of developments in financial markets for businesses and consumers, considerable efforts are made to generate information tracking these developments. Commercial businesses, industry groups, and government agencies publish information tracking key activities such as asset pricing and trading volumes. Businesses, investors, regulators, lawmakers, and the news media closely monitor this information for various purposes, including to gauge the effects of developments in financial markets on the broader economy.
This report describes a selection of authoritative, open-access sources for current and historical data about major financial markets in the United States—information about equities, fixed-income securities, commodity futures, foreign-currency exchange rates, digital assets such as cryptocurrencies, and overall market functioning and conditions. It provides links to data from federal financial regulatory agencies, such as the Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), and Securities and Exchange Commission (SEC). This report also links to selected glossaries with background information about financial markets and CRS products on related topics.
Not all financial market data are publicly available. For example, financial-services firms whose businesses rely on responding quickly to market developments typically pay for access to aggregated, real-time market data from vendors, such as Bloomberg LP, FactSet Research Systems Inc., and S&P Global Inc. These private data providers are outside the scope of this report.
For information on nonfinancial economic indicators, see CRS Report R43295, Resources for Key Economic Indicators, by Ben Leubsdorf and Jennifer Teefy.
This section describes sources of information about five broad asset classes—stocks and investment funds, interest rates and debt securities, commodities, foreign exchange, and digital assets—and indicators that track financial conditions more broadly.
|
Meet FRED Many financial indicators produced elsewhere are available in Federal Reserve Economic Data (FRED), an online database maintained by the Federal Reserve Bank of St. Louis. FRED enables access to historical time-series data from a variety of sources, and it includes powerful features for data visualization and exporting. This free-to-use database is available at https://fred.stlouisfed.org. Users can browse by category to access data related to "Money, Banking, & Finance," including interest rates, exchange rates, and financial indicators (which includes bond market indexes, stock market indexes, financial activity measures, and volatility indexes). In addition, the "Prices" category includes data for commodities and cryptocurrencies. |
Stocks or equities are individual shares "that represent part ownership of a business enterprise."1 Stocks are a type of financial security and are often, but not always, traded on a stock exchange. Returns for investors in individual stocks are subject to the relative fortunes of the companies and possible dividend payments. Stock investors are not guaranteed a return of their initial investment, thus they may lose up to all of their investment in a stock. Furthermore, there is no pre-agreed limit on investors' potential returns.
A stock market index (also called a share index) is an "index formed by selecting a number of prominent shares traded on a stock exchange and comparing the value of these shares with their value on a stated date in the base year."2 Indexes may track developments broadly across the U.S. stock market or narrowly in specific sectors. Indexes may also be weighted by "the price of the security"3 or market capitalization, which gives "more significance to the firms with the greater market value."4
Mutual funds are a type of investment fund. They employ professional money managers to make investments using pooled money from investors "in accordance with the specified aims of the fund, e.g. high income, maximum growth, etc."5
Exchange-traded funds (ETFs), another type of investment fund, "can be traded on an exchange during the day, just like common stocks."6 ETFs often track a market benchmark (e.g., a stock market index) or a specific sector (e.g., energy or health care).
The Dow Jones Industrial Average (DJIA, also called "the Dow" or "the blue chips") is a price-weighted index that tracks share prices for 30 large companies.7 S&P Dow Jones Indices currently manages the long-running DJIA, which began in 1896.
The Standard and Poor's 500 (S&P 500) is a market-cap weighted index that tracks share prices for 500 large companies.8 S&P 500, also run by S&P Dow Jones Indices, began in 1957.
The Nasdaq Composite Index (usually called "the Nasdaq") tracks prices for securities listed on the Nasdaq (National Association of Securities Dealers Automated Quotations) exchange, which launched in 1971. The market cap-weighted index is closely associated with the technology sector, which makes up more than half its weight.9
Russell 3000 Index
The Russell 3000 Index, created in 1984 and managed by FTSE Russell, is a broad market cap-weighted index tracking share prices for the 3,000 largest publicly traded companies in the United States.10
Wilshire 5000 Index
The FT Wilshire 5000 Index, which began in 1974 and is currently affiliated with the Financial Times newspaper, tracks share prices for essentially all U.S. equity securities that have readily available prices. It is a market cap-weighted index.11
Individual Companies and Funds
Listed Companies and ETFs
Large public companies headquartered in the United States generally list their shares on the two major U.S. exchanges, the New York Stock Exchange (NYSE) and the Nasdaq stock exchange. Both exchanges allow users to look up near-real-time data for individual companies and securities on their websites.
Over-the-Counter Equities
Shares of unlisted public companies, typically smaller firms with "few shareholders and little equity outstanding,"12 trade in over-the-counter (OTC) transactions.
The Financial Industry Regulatory Authority (FINRA), an industry group, enables users to look up data on both listed and OTC stocks in the Equities and Options section of its online Market Data Center.
Investment Funds
The Investment Company Institute (ICI), an industry group, publishes weekly, monthly, and quarterly market data for mutual funds, ETFs, and other investment funds.
FINRA's Market Data Center has a Mutual Funds section.
Interest Rates and Debt Securities
Businesses, governments, and consumers borrow money for various purposes and through this borrowing create a debt to an investor or lender. Interest is the cost of borrowing and is often conveyed in terms of an interest rate, which is "usually expressed as a percentage of the sum borrowed."13
Debt securities are often called fixed-income securities due to the associated "regular, fixed-interest payments for the use of the money."14 Debt securities are distinguished from equity securities by the borrower's agreement to provide investors both an interest payment and a repayment of the initial investment or principal.
Companies and other borrowers may access short-term funding by transacting in the money market. This is a "network of corporations, financial institutions, investors and governments which deal with the flow of short-term capital"15 in the form of debt securities with relatively short maturities or cash and cash-equivalents.
The Federal Reserve's daily Selected Interest Rates report contains information on a variety of U.S. interest rates,16 including the effective federal funds rate, the bank prime rate, commercial paper rates, and U.S. government securities (i.e., Treasury securities or Treasuries) interest rates.
The online dashboard for Bloomberg's Bloomberg Fixed Income Indices provides daily updates on borrowing costs in the United States and overseas. Different indexes track different segments of the fixed-income markets; U.S.-specific areas include Treasuries and municipal-bond yields.
FINRA's Fixed Income Data Center provides information on U.S. Treasury and federal agency bonds as well as asset- and mortgage-backed securities, collateralized mortgage obligations, corporate debt, asset-backed securities, and municipal securities.
The Securities Industry and Financial Markets Association (SIFMA), an industry group, releases monthly, quarterly, and annual data on asset-backed securities, corporate bonds, federal agency securities, mortgage-backed securities, municipal securities, and Treasuries.
Freddie Mac's Primary Mortgage Market Survey provides weekly updates on average interest rates for 30- and 15-year fixed-rate mortgages, with historical data back to 1971.
The Federal Reserve's monthly Consumer Credit report includes interest rates at commercial banks for new car loans, credit card plans, and personal loans, as well as data on the amount outstanding for student loans, auto loans, and revolving credit such as credit cards.
The U.S. Department of Education publishes information about federal student loan interest rates on its Federal Student Aid website.
Bankrate.com tracks interest rates and other terms for a wide range of consumer financial products and services, including auto loans, credit cards, home equity loans, private student loans, certificates of deposit (CDs), and savings accounts.17
The Treasury Department sells debt securities via auction: bills ("T-bills," maturities of a year or less), notes (maturities in the 2-year to 10-year range), bonds (20- and 30-year maturities), inflation-protected securities (maturities of 5, 10, or 30 years), and floating rate notes (2-year maturities).18 There is a sizable secondary market for trading in Treasuries.
The official Interest Rate Statistics website provides daily data on interest rates for Treasuries.
FINRA releases weekly data on trading volumes for Treasuries, based on broker-dealer reports to its Trade Reporting and Compliance Engine (TRACE) system.
SIFMA releases monthly, quarterly, and annual statistics on the Treasuries market.
See also resources described above in the "General Data Sources" section.
The Municipal Securities Rulemaking Board operates the Electronic Municipal Market Access (EMMA) website as a source of real-time data on municipal bonds (also called "munis") issued by state and local governments.
SIFMA releases monthly, quarterly, and annual statistics on the municipal bond market.
See also resources described above in the "General Data Sources" section.
The Federal Reserve tracks commercial paper, a short-term corporate debt instrument, daily.
The Office of Financial Research (OFR) releases daily statistics on short-term funding markets, and monthly data on money market funds.
The SEC also publishes monthly statistics about money market funds.
SIFMA releases monthly, quarterly, and annual statistics on money market instruments (e.g., commercial paper) and repurchase agreements (repos).19
The Federal Reserve Bank of New York and OFR created the Secured Overnight Financing Rate (SOFR) as a replacement for the London Interbank Offered Rate (LIBOR), a once widely used reference rate that has been discontinued.20 SOFR is based on repo rates and tracks the cost of borrowing money overnight. The New York Fed provides daily updates on its website for SOFR and several other reference rates.
The Federal Reserve and its rate-setting Federal Open Market Committee (FOMC) have three statutory goals for monetary policy: "maximum employment, stable prices, and moderate long-term interest rates."21 The FOMC sets a federal funds rate target in pursuit of these goals. The New York Fed conducts open-market operations to implement monetary policy decisions.
A commodity is a "primary product" such as coffee, crude oil, rubber, or tin, with "rights to ownership" bought and sold on a commodity exchange.22 Commodity trading often involves derivative contracts, such as futures, options, or swaps.23 Prices sometimes take the form of regional benchmarks—crude oil prices, for example, include Brent (a global benchmark associated with the North Sea), West Texas Intermediate (a U.S. benchmark based on prices in Cushing, OK), and Dubai/Oman (a Middle East benchmark).24
CME Group operates large and historically important exchanges, such as the Chicago Board of Trade, Chicago Mercantile Exchange, and New York Mercantile Exchange. CME's website provides near real-time (10-minute delay) market data on agricultural commodities (e.g., butter, cattle, corn, soybeans, and wheat); energy commodities (e.g., crude oil, ethanol, gasoline, and natural gas); and metal commodities (e.g., aluminum, copper, gold, platinum, and silver).
The World Bank publishes a monthly "pink sheet" report with global price data for commodities. The International Monetary Fund (IMF) also provides monthly statistics on primary commodity prices, with data visualization and exporting features.
The U.S. Department of Agriculture (USDA) operates USDA Market News, a website and mobile application providing access to daily, weekly, and other reports containing detailed information on agricultural commodities, such as cotton, dairy, livestock, and tobacco.
See also resources described above in the "General Data Sources" section.
The U.S. Energy Information Administration (EIA) releases a Today in Energy report with daily prices for energy commodities, such as crude oil, gasoline, heating oil, natural gas, and propane. EIA also publishes This Week in Petroleum, the Monthly Energy Review, the Annual Energy Outlook, and other reports about energy markets.
See also resources described above in the "General Data Sources" section.
The U.S. Geological Survey (USGS) publishes an annual Mineral Commodity Summaries report with statistics on a wide range of materials, including diamonds, gold, iron ore, lithium, nickel, salt, silver, titanium, and tungsten. USGS also publishes monthly and quarterly reports on specific metals and minerals.
See also resources described above in the "General Data Sources" section.
Foreign exchange (also called forex or FX) involves the trading in financial markets of foreign currencies. Interest rates, inflation, and news events can all affect the relative value of one currency compared to another or a basket of multiple currencies.25
The U.S. dollar, the euro, the yen, and the pound sterling are reserve currencies that are "held by a government because it has confidence in [their] stability and intends to use [them] to settle international debts."26 The dollar has been the main global reserve currency since World War II.27
The Federal Reserve's weekly Foreign Exchange Rates report provides data for each business day on the U.S. dollar exchange rate for roughly two dozen foreign currencies. It also includes three indexes that track the average value of the dollar: a broad index for major U.S. trading partners, an index for advanced economies, and an index for emerging market economies.
The IMF's online database allows users to view and download daily exchange rate data. It uses Special Drawing Rights (SDRs), the IMF reserve asset, as a reference. The SDR's value is based on a weighted average of five currencies: the dollar, the euro, the pound sterling, the yen, and China's renminbi (RMB, also called yuan).
Treasury releases weekly data on U.S. reserve assets, including foreign currencies.
A digital asset is a "digital representation of value which is recorded on a cryptographically secured distributed ledger or any similar technology."28 This emerging financial category includes cryptocurrencies such as Bitcoin, digital tokens, and other instruments that rely on blockchain technology to track ownership.
Official data sources on cryptocurrency transactions are limited.29 The decentralized nature of cryptocurrencies, their significant price volatility, and other factors present challenges for determining market prices and trading volumes. Information about a cryptocurrency may also vary from one exchange to another.
CoinMarketCap.com operates a dashboard with market data for many cryptocurrencies, including Bitcoin, Ethereum, Tether, and Dogecoin. Cryptocurrency exchanges, such as Binance and Coinbase, also provide market data, such as prices, volume, and market capitalization.
Non-fungible tokens (NFTs) are unique assets, such as digital artwork, bought and sold on marketplaces, such as OpenSea and LooksRare.30 The NonFungible website tracks this market, including prices and sales.
Financial Market Condition Metrics
Financial market operations typically provide reliable sources of financing for businesses and consumers. However, this financing may become less reliable, more expensive, or unavailable during times of extreme market stress, such as the 2007-2009 financial crisis and the early months of the COVID-19 pandemic in 2020.31 Various metrics allow for monitoring conditions across the financial system as a whole or in specific markets.
The Federal Reserve Bank of Chicago's National Financial Conditions Index (NFCI) tracks relative tightening and loosening in overall financial conditions. It updates weekly.
OFR, the Federal Reserve Bank of St. Louis, and the Federal Reserve Bank of Kansas City all produce Financial Stress Indexes. For all three measures, positive values (above zero) indicate greater-than-average stress in financial markets and negative values (below zero) indicate lower-than-average stress. The OFR measure updates daily, St. Louis Fed gauge weekly, and Kansas City Fed index monthly.
The Cboe Volatility Index (VIX Index), often called "Wall Street's fear gauge,"32 is a real-time measure of expected volatility in U.S. stock markets. Cboe Global Markets manages the VIX.
The New York Fed's Corporate Bond Market Distress Index (CMDI), updated monthly, tracks disruptions in markets for corporate bonds.
No single agency is responsible for overseeing U.S. financial markets. Instead, different federal agencies are responsible for different sectors, markets, and financial products.33
Regulatory agencies collect a large amount of data and make much of it available to the public. Several agencies publish call reports (Consolidated Reports of Condition and Income) for regulated financial institutions: quarterly filings that "must detail the bank's balance sheet (statement of financial position) and profit and loss (income statement)."34
This section provides links to data published on agency websites. See also OFR's Interagency Data Inventory, a more-comprehensive catalog of data collected by federal financial regulators.
|
Agencies provide data in a variety of formats. Some may not be machine-readable and require conversion or cleaning before use. This could change with implementation of the Financial Data Transparency Act of 2022 (Title LVIII of P.L. 117-263).35 Even with potential future improvements to financial data access, navigating and using datasets will often require specialized tools, skills, and knowledge. For instance, data tables might employ shorthand terminology or codes and require translation with a data dictionary or codebook before the data are comprehensible. Also, understanding the methods used to collect and prepare datasets for distribution is critical for effective use of those datasets. Methodological information about specific datasets should be available from the agency that published them. More information about U.S. government data is available at https://data.gov. See also CRS In Focus IF12299, The OPEN Government Data Act: A Primer, by Meghan M. Stuessy. |
Commodity Futures Trading Commission
CFTC regulates futures exchanges, commodity trading advisors, swaps dealers, and related entities. Its website has resources including weekly data on trader commitments in futures and options and on the swaps market.
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is a consumer protection regulator. Its website has resources including Home Mortgage Disclosure Act (HMDA; P.L. 94-200) data and a consumer complaint database where consumers file complaints about financial products and services.
The Farm Credit Administration (FCA) oversees the Farm Credit System (FCS), banks and other institutions serving farmers and ranchers. FCA's website has a database of call reports filed quarterly by FCS-participating institutions.
Federal Deposit Insurance Corporation
FDIC is a banking regulator that oversees federally insured depository institutions, state-chartered thrifts, and state banks that are not members of the Federal Reserve System. FDIC's website contains a wealth of resources, including quarterly call reports, annual Summary of Deposits reports, and bank failure information going back to 1934.
Federal Financial Institutions Examination Council
The Federal Financial Institutions Examination Council (FFIEC) is a coordinating body for financial regulators. Its Central Data Repository is a database of call reports. FFIEC also provides access to HMDA and Community Reinvestment Act (CRA) data reports.
Federal Housing Finance Agency
The Federal Housing Finance Agency (FHFA) oversees Fannie Mae, Freddie Mac, and Federal Home Loan Banks. FHFA's website contains resources including a fair lending data dashboard and annual data on mortgage acquisitions by Fannie Mae and Freddie Mac.
The Federal Reserve supervises bank holding companies, member state banks, and other financial institutions. It produces many reports and indicators, including the weekly Assets and Liabilities of Commercial Banks in the United States report, the quarterly Financial Accounts of the United States report, and a semiannual Financial Stability Report. See also Fed data on interest rates, consumer credit, commercial paper, and monetary policy (see "Interest Rates and Debt Securities" section) and foreign exchange rates (see "Foreign Exchange Rates" section) described earlier in this report.
Financial Stability Oversight Council
The Financial Stability Oversight Council (FSOC) is a coordinating and oversight body chaired by the Treasury Secretary. Its membership includes the leaders of the CFTC, CFPB, FDIC, FHFA, Federal Reserve, National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and SEC. It publishes an annual report and other studies about the U.S. financial system.
National Credit Union Administration
NCUA oversees federally chartered or insured credit unions, as FDIC does for banks. NCUA's website includes quarterly call report data for credit unions.
Office of the Comptroller of the Currency
OCC is a banking regulator, overseeing institutions including national banks and federally chartered thrifts. Its website contains quarterly reports on bank trading and derivatives activities and semiannual reports on interest rate risks.
OFR collects and analyzes data for the FSOC and its member agencies. Its website contains data visualizations and downloadable datasets on topics such as financial stress (see "Financial Market Condition Metrics" section), repo markets and money market funds (see "Money Market" section), and bank systemic risks (updated annually). It also features the Interagency Data Inventory and the Financial Instrument Reference Database (FIRD), a data dictionary (also listed in the "Glossaries" section below).
Securities and Exchange Commission
SEC oversees capital markets, including public companies, securities exchanges, and investment funds. Its website contains quarterly data on individual securities and the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) database, which provides open access to filings by public companies including quarterly and annual financial reports.
Introduction to Financial Services
Assets, Markets, and Regulation
| 1. |
Marc Levinson, Guide to Financial Markets: Why They Exist and How They Work, 7th ed. (London and New York: The Economist and PublicAffairs, 2018), p. 154. |
| 2. |
"Share index (stock market index)" in A Dictionary of Finance and Banking, 6th ed., edited by Jonathan Law (Oxford, UK: Oxford University Press, 2018), p. 436. |
| 3. |
"Price-weighted index" in Peter Moles and Nicholas Terry, The Handbook of International Financial Terms (Oxford, UK: Oxford University Press, 1997), p. 433. |
| 4. |
"Capitalization-weighted index" in Moles and Terry, Handbook of International Financial Terms, p. 73. |
| 5. |
"Fund manager (investment manager)" in A Dictionary of Business and Management, 6th ed., edited by Jonathan Law (Oxford, UK: Oxford University Press, 2016), p. 269. |
| 6. |
International Monetary Fund, Bank for International Settlements, and European Central Bank, Handbook on Securities Statistics (Washington: International Monetary Fund, 2015), p. 22. |
| 7. |
S&P Dow Jones Indices, Dow Jones Averages Methodology, April 2023, at https://www.spglobal.com/spdji/en/documents/methodologies/methodology-dj-averages.pdf. |
| 8. |
S&P Dow Jones Indices, S&P U.S. Indices Methodology, October 2023, at https://www.spglobal.com/spdji/en/documents/methodologies/methodology-sp-us-indices.pdf. |
| 9. |
Nasdaq Inc., NASDAQ Composite, at https://indexes.nasdaqomx.com/docs/FS_COMP.pdf and Nasdaq Index Methodology: Nasdaq Composite Index, 2020, at https://indexes.nasdaqomx.com/docs/methodology_COMP.pdf. |
| 10. |
FTSE Russell, Russell U.S. Equity Indices Construction and Methodology, July 2024, at https://research.ftserussell.com/products/downloads/Russell-US-indexes.pdf. |
| 11. |
Wilshire Advisors LLC, FT Wilshire 5000 Index Series, June 30, 2022, at https://assets-global.website-files.com/60f8038183eb84c40e8c14e9/639743af92bbfd80973aedc9_FT%20Wilshire%205000%20Index%20Series%20Factsheet.pdf. |
| 12. |
Levinson, Guide to Financial Markets, p. 178. |
| 13. |
"Interest rate" in Law, Dictionary of Finance and Banking, p. 255. |
| 14. |
Hal P. Kirkwood, Strauss's Handbook of Business Information: A Guide for Librarians, Students, and Researchers, 4th ed. (Santa Barbara, CA: Libraries Unlimited, 2020), p. 241. |
| 15. |
Levinson, Guide to Financial Markets, p. 44. |
| 16. |
In this report, references to daily generally mean weekdays excluding holidays. |
| 17. |
Unlike most information sources discussed in this report, the Bankrate website is aimed at a consumer audience of potential borrowers rather than financial-market participants or researchers. |
| 18. |
For more information, see CRS Report R40767, How Treasury Issues Debt, by Grant A. Driessen. |
| 19. |
For more information, see CRS In Focus IF11383, Repurchase Agreements (Repos): A Primer, by Marc Labonte. |
| 20. |
For more information, see CRS In Focus IF11315, The LIBOR Transition, by Marc Labonte. |
| 21. |
Section 202 of the Federal Reserve Reform Act of 1977 (Title II, P.L. 95-188). |
| 22. |
"Commodity" and "commodity exchange" in The Penguin Dictionary of Economics, 8th ed., by Graham Bannock and R.E. Baxter (London: Penguin Books, 2011), p. 61. |
| 23. |
For more information, see CRS In Focus IF10117, Introduction to Financial Services: Derivatives, by Rena S. Miller. |
| 24. |
U.S. Energy Information Administration, "Role of Benchmarks in the Global Crude Oil Market," This Week in Petroleum, October 16, 2014. |
| 25. |
Levinson, Guide to Financial Markets, p. 30. |
| 26. |
"Reserve currency" in Law, Dictionary of Finance and Banking, p. 410. |
| 27. |
For more information, see CRS In Focus IF11707, The U.S. Dollar as the World's Dominant Reserve Currency, by Rebecca M. Nelson and Martin A. Weiss. |
| 28. |
As defined in Section 80603 (Division H, Title VI) of the Infrastructure Investment and Jobs Act (P.L. 117-58). |
| 29. |
For more information, see CRS In Focus IF11910, Cryptocurrency Transfers and Data Collection, by Mark P. Keightley and Andrew P. Scott. |
| 30. |
For more information, see CRS Report R47189, Non-Fungible Tokens (NFTs), by Kristen E. Busch. |
| 31. |
For more information, see CRS Report R46424, Capital Markets Volatility and COVID-19: Background and Policy Responses, by Eva Su. |
| 32. |
Asjylyn Loder and Gunjan Banerji, "The Snowballing Power of the VIX, Wall Street's Fear Index," The Wall Street Journal, June 12, 2017, at https://www.wsj.com/articles/you-dont-know-vix-wall-streets-fear-gauge-is-now-a-multibillion-dollar-market-1497281745; and Landon Thomas Jr., "Day Trading in Wall Street's Complex 'Fear Gauge' Proliferates," The New York Times, August 28, 2017, at https://www.nytimes.com/2017/08/28/business/dealbook/vix-trading.html. |
| 33. |
For details, see CRS Report R44918, Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework, by Marc Labonte. |
| 34. |
"Call report" in Law, Dictionary of Finance and Banking, p. 69. |
| 35. |
For more information, see CRS Insight IN12067, Banking Provisions in the National Defense Authorization Act for Fiscal Year 2023, by Andrew P. Scott and Marc Labonte. |