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In the wake of the 2008 mortgage crisis, the nation has struggled to redesign the regulatory architecture of its financial markets. Hampering efforts is disagreement over the contours of the previous regime and the nature of the regulatory failures that brought the entire system to the brink of collapse. This is an important discussion, for the different interpretations of history have different implications for the road ahead. Some claim the problem lies in the past, regulators had too little authority, especially when it came to overseeing newer forms of financial organization, such as hedge funds, private equity firms, and other elements of the "shadow banking system." The analysis provides a method to resolve one of the key current public policy debates: how to design the regulatory structure to ensure well-functioning banking and financial services markets. The dynamics of regulatory design reflect policy conflict and the uncertainty over market outcomes.