The Financial Stability Board (FSB) has published a peer review on the United States, as authorised under the FSB Charter. The review focuses on the implementation and effectiveness of regulatory, supervisory or other financial sector standards and policies agreed within the FSB, as well as their effectiveness in achieving desired outcomes. The review found good progress had been made by U.S. authorities particularly in relation to systemic risk oversight arrangements and the supervision and oversight of financial market infrastructures. The review also acknowledges the complex and fragmented U.S. regulatory and supervisory structure, and the challenges it presents.