FSB holds too much sway over US regulators, say Republicans

Lew faces questions in Congress over FSB impact on US banks and markets

Too much power? Republicans say US regulators defer too much to international bodies like FSB

US regulators are in hock to the Financial Stability Board (FSB), an unelected body that has designated non-banks as systemically important financial institutions (Sifis) without regard to legal requirements for public consultation, congressional Republicans have claimed.

"I'm concerned that US regulators rely – at least in part – on FSB [Sifi] determinations, yet the FSB is not subject to the procedural due process," said California representative Ed Royce, speaking during a hearing of the

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