But it missed an important opportunity to streamline US supervisory agencies, leaving it unclear whether the longstanding gaps and conflicting mandates that contributed to the crisis have really been resolved. The legislation provides a skeleton for the new regulatory architecture, and it will be up to the new Financial Stability Oversight Council to put supervisory muscle on these bones: to improve interagency cooperation, tighten rules governing systemically important institutions, and respond quickly and forcefully to systemic risks.