US congressional committee blasts Sifi designation process

Financial Stability Board labelled an 'old boys' club' by US lawmakers

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US insurance regulators and lawmakers are demanding to know more about how the Financial Stability Board (FSB) designates non-bank globally systemically important financial institutions (G-Sifis) amid concerns that FSB decisions are influencing the designation process for US systemically important financial institutions (Sifis). The US House of Representatives Committee on Financial Services sent a letter on May 9 to secretary Jacob Lew of the US Treasury; Janet Yellen, chair of the Federal R