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The banking system is crucial for the functioning of the US economy because they make loans and create credit. Without loans many people wouldn't be able to buy a house or a car, and the economy would collapse. Government regulates the banks to make sure they are being fair to their clients.
Explanation: Banks are important because it can help people build their own house and multiple businesses. The important thing to remember is credit is not free money. The government can affect the bank by the interest fees and any other kinds of fees. Plus, the banking system is cruel because the functioning of the U.S economy is making the loans and creating credit. Because of the loans people now know and without the loans nobody would be able to pay for anything they want. The government regulates the banks to make sure the congress and others are being equal to others.
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