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House Republicans Target FSOC With Legislative Agenda

Joe Mont | November 6, 2015

Demanding more openness at the Financial Stability Oversight Council and changes to how it designates systemically important financial institutions, the House Financial Services Committee this week advanced a slate of reform-minded bills.

Notably, the FSOC Improvement Act, H.R. 1550, requires greater transparency at the multi-regulator council and allows companies to take steps to eliminate risk through changes to their business model or another means before being designated as systemically important. Non-bank entities would only be tagged as systemically important if their systemic risk cannot otherwise be reduced by working with their primary regulator.

The Council would be required to vote on whether to remove a company’s designation every five years. At that time, the company would also be allowed to present FSOC with a plan on how it could de-risk and shed its SIFI designation by changing...

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