The Deputies Committee of the Financial Stability Oversight Council (Council) today held a series of meetings at the Treasury Department regarding the Council’s nonbank financial company designations process. These meetings follow the Council’s direction to staff at its October 6 public meeting, and are part of the Council’s ongoing efforts to seek input from relevant stakeholders regarding potential changes to the process.
Staff of Council members and member agencies met today with a variety of organizations, including representatives of:
American Council of Life Insurers
Americans for Financial Reform
American Insurance Association
Association of Institutional INVESTORS
Better Markets
Bipartisan Policy Center
Financial Services Roundtable
Investment Company Institute
Managed Funds Association
Property Casualty Insurers Association of America
SIFMA Asset Management Group
Systemic Risk Council
U.S. Chamber of Commerce
Today’s discussions provided staff an opportunity to hear a range of views directly from a variety of perspectives. In addition, Council staff has been discussing the process with others, including Congressional staff and previously designated companies.
To date, conversations have focused on proposals presented to Council staff in three broad categories: engagement with companies under review during Stages 2 and 3 of the process; the annual reevaluations of previously designated companies; and the balance between informing the public of the Council’s work and protecting confidential, market-sensitive information relating to individual companies under consideration.
Council staff will continue to engage with a variety of interested parties and firms regarding the process, before presenting to the Council any proposed or recommended changes.
For a set of frequently asked questions regarding the Council’s nonbank financial company designations process, see the following: www.treasury.gov/initiatives/fsoc/designations/Pages/nonbank-faq.aspx.
Additional information regarding the Council is available at www.fsoc.gov.
