Replace the NASD, SEC, FDIC with NON self regulating bodies to provide real accountability and consequences.

The securities industry - Wall Street, mutual fund companies, the insurance industry and more are currently "monitored" by the NASD, and SEC. Clearly they failed to intervene with the mortgage banking debacle when they bundled and sold "bad mortgages" as junk bonds on the stock market. Our economy is still suffering as a result of this lack of regulation, accountability and consequences. We need a complete overhaul and must create very strict laws that prevent this type of abuse that includes very stiff consequences to prevent future abuse. This law should also include regulation of the banking industry that would separate banking and securities and provide banking their own regulation and accountability.