Atlantic Council outlines steps to help prevent next financial meltdown

"The Dodd-Frank bill alone has hundreds of rule-makings that are the province of many different regulatory bodies," the report states. 

It also suggests: 

- Finalizing the Basel III accord, which is aimed at strengthening the banking sector. 

- Designing reforms that achieve safety without being too expensive. 

- Engaging major Asian countries and other emerging markets in financial reform. 

- Harmonizing the regulation of financial market infrastructure. 

- Fixing the housing finance system in the U.S. 

- Addressing the underlying macroeconomic, social, and political causes of the recent crisis. 

- Staying focused on key unresolved structural issues. 

The group also suggested that both sides of the pond comply with the same accounting rules. Efforts are underway for the U.S. to adopt International Financial Reporting Standards (IFRS), which are already used in Europe. Also, hedge funds and private equity funds should fall under regulatory oversight. And credit ratings agencies should be dealt with in a coordinated manner.