The Financial Stability Oversight Council, a group of the nation's main financial regulators, has named three such companies as being so important that their demise could pose risks to the global system, subjecting them to tougher oversight. "The council has received a number of suggestions regarding its process for evaluating non-bank financial companies for potential designation," Treasury Secretary Jack Lew said at a meeting of the FSOC, which he chairs. Insurer MetLife Inc (MET.N) on Friday said it would fight a plan by the FSOC to designate it as a so-called Systemically Important Financial Institution (SIFI), which would make it the fourth non-bank firm overseen by the Federal Reserve. The 2010 Dodd-Frank Wall Street reform act defined banks with more than $50 billion in assets as "systemic" but left it to FSOC to determine whether some non-banks also deserved the tag.
via Business News http://ift.tt/1s5Ny0U
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