Congress pressures FSOC on treatment of non-bank Sifis

NAIC chief -- council should heed message to 'back off'

Ben Nelson at the NAIC

The Financial Stability Oversight Council (FSOC) in the US is under fire from Congress and state insurance regulators over claims that it is not operating as envisioned under the Dodd-Frank Act, tensions that could influence the designation of more insurers as systemically important financial institutions (Sifis). On Friday, June 20, the House of Representatives Committee on Financial Services voted on two bills drafted to curtail the powers of the FSOC. HR 4881 would prohibit the Council fro