The non-bank participants in the global financial system are just as important, since the chain is only as strong as its weakest link.

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The authorities have taken a number of steps to restrain the demand for the metal, including the federal government raising the import duty on gold and the RBI forbidding banks and non-bank financial companies from financing the purchase of gold in any form.

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In addition, households that use non-bank financial services providers do not receive the full range of consumer protections available through the banking system.

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And so the key element that it needs to focus on, and it cannot focus on until it has a director in place, is this non-bank sector and the financial services industry -- so payday lenders, mortgage servicers, credit card companies and so forth.

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There are only three non-bank E-money institutions authorized under the Financial Services (Banking) Act for issuing means of payment in the form of electronic money.

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And a key component of that was making sure that we have a consumer watchdog in place who can police what mortgage brokers and payday lenders and other non-bank financial entities are able to do when it comes to consumers.

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Both Benanke and Volcker say that instead of re-arranging the regulatory deck chairs, Congress should focus on plugging the gaps in existing regulations, such as establishing a process for officials to unwind faltering non-bank financial firms.

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In McKinsey's definition, this financial institution debt excludes bank lending to households and non-financial businesses, to avoid double counting.

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