Fed wants right to choose which non-banks pose systemic threat
The Federal Reserve on Tuesday proposed that it be given a measure of discretionary power to identify which non-bank firms posed a threat to the financial system if they were to fail.
The Dodd-Frank Act, which was passed into law last July, gives the Financial Stability Oversight Council (FSoC), the United States' macroprudential oversight body, the power to oversee significant non-bank holding companies that are "predominantly engaged in financial activities".
The rule proposed by the Fed on
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