On March 22 1992, USAir flight 405 departed from LaGuardia Airport in icy conditions and a few minutes later stalled and crash-landed, killing 27 passengers. A year later, the National Transportation Safety Board (NTSB) completed its investigation and published Aircraft Accident Report AAR-93/02 in which it concluded that the crash had been caused by a build-up of ice on the aeroplane's wings just after take-off. In spite of the fact that de-icing fluid had been applied at the gate, a departure delay after the aircraft taxied on to the runway allowed ice to re-form on the wings, leading to the crash. Shortly after that report was published, airports round the world quickly modified their protocols, de-icing aircraft just prior to take-off rather than at the gate.

The NTSB is a compelling model for financial reform. A fiercely independent government agency with no regulatory authority and whose primary mission is to investigate accidents, it provides careful and conclusive forensic analysis, making recommendations for avoiding such accidents in the future. In the event of an aircraft crash, the NTSB assembles an experienced team of engineers and flight-safety experts who are immediately dispatched to the crash site to conduct a thorough investigation. They interview witnesses, pore over historical flight logs and maintenance records, and sift through the wreckage to recover the "black box" and, if necessary, reassemble the aircraft to determine the ultimate causes of the crash. Once its work is completed, the NTSB publishes a report, entered into a searchable public database, summarising the team's investigation, with specific recommendations for avoiding similar occurrences in the future. This process has been one of the key factors underlying the remarkable safety record of commercial air travel.

At the very start of each investigation, the NTSB also establishes itself as the clearing house for all information related to the accident, communicating regularly with the press. By taking such an active role in providing the media with information, the NTSB reduces the likelihood of panic, and over the years this policy has earned it the public's trust and confidence.