Lawmakers slam 'overzealous' FSOC over non-bank Sifis

Size was the primary factor in designating insurers as non-bank Sifis, FSOC member admits

Capitol Hill
FSOC members were grilled at a congressional hearing in Washington, DC

Regulators from the US Financial Stability Oversight Council (FSOC) were grilled for five hours about the designation of three insurance companies as non-bank systemically important financial institutions (Sifis) at a torrid hearing before the House Committee on Financial Services earlier today (December 8).

"The non-bank designations have become synonymous with the overzealous enforcement climate so prevalent today," said representative Blaine Leutkemeyer. "The unbridled powers of the FSOC

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