Final answer:
The comprehensive package of reforms introduced in 2017 to bolster the banking system is known as the Banking Executive Accountability Regime. These reforms are part of ongoing efforts to enhance financial system stability and protect consumers, which have evolved over time since pivotal moments like the 2008-2009 financial crisis and prior regulatory changes such as the Banking Act of 1935.
Step-by-step explanation:
In 2017, the Government introduced a set of reforms aimed at strengthening accountability and competition in the banking system. These reforms are associated with Option 4: Banking Executive Accountability Regime. This was part of a globally recognized effort to fortify financial systems following past lessons, such as those learned during the 2008-2009 financial crisis when the failure to act on early signs of financial instability led to significant economic consequences. Similar efforts have been made historically, such as the Banking Act of 1935, which greatly modified banking laws and aimed to improve control over the financial system through a Federal Reserve Board of Governors. These reforms highlight the continuous evolution of banking regulation to ensure the stability and integrity of the financial system and protect consumers from abusive practices.