Under the Constitution, the financial sector is regulated by the executive branch of the Federal Government under Article II Section 3 of the Constitution. Although the organizations and regulations are created by Congress under Article I Section 2 of the constitution. For example during the Great Depression, Congress created the Securities and Exchange Commission. However, after it was created the executive branch has picked the Chairman of the SEC, and operated it. To justify the creation of these national financial regulatory agencies, Congress uses the Commerce Clause of the Constitution, along with the Elastic Clause. The Constitution says nothing specific about the national debt. It is neither encouraged nor denied. In recent years several prominent Republican lawmakers have voiced their support of a Balanced Budget Amendment to the Constitution. This amendment would forbid the Federal Government from running a budget deficit. This proposal has a virtually no chance of ever passing.
http://www.britannica.com/EBchecked/topic/243118/Great-Depression
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