An evident change of course has taken place in Americas financial regulatory philosophy since the outbreak of the subprime crisis. The switch to the strengthening of financial regulation is only a change in concept. The goal of the reform plan is still the search for a balance between the formal power of government regulatory agencies and the spontaneous role of market restraint. The basic factor that causes such a switch is the widespread crisis of conception that emerged under the deepening of financial crisis. Meanwhile, an initial consensus on the reform plan reached by all sides concerned is also essential. However, how the change of course of American regulatory philosophy affect the reform of the financial regulatory system will depend on further consensus to be reached through political process by all sides concerned.