Scrap FSOC’s non-bank Sifi regime, Congress told

Designation process criticised at House hearing; senators call for review

Republicans in Congress set to push Dodd-Frank fixes
FSOC has raised the ire of Republicans on Capitol Hill

The US Financial Stability Oversight Council’s (FSOC) power to designate non-banks as systemically important financial institutions, or Sifis, should be abolished or radically overhauled to achieve greater standardisation and transparency.

That was the verdict of a panel of academics and policy experts appearing before an oversight subcommittee hearing of the House Committee on Financial Services in Washington, DC earlier today (March 28).

“I myself doubt there is a need for an FSOC Sifi

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