Magazine article American Banker

Lew Chairs His First FSOC Meeting; More Work Ahead on Nonbank SIFIs

Magazine article American Banker

Lew Chairs His First FSOC Meeting; More Work Ahead on Nonbank SIFIs

Article excerpt

Byline: Donna Borak

WASHINGTON -- Treasury Secretary Jacob Lew presided over his first Financial Stability Oversight Council meeting on Thursday only hours after being sworn into his position by President Obama.

The move came just a day after the Senate confirmed Lew and suggested that the new secretary is committed to making FSOC a priority.

"Since the council was created almost three years ago, it has been doing pretty good work to coordinate amongst regulators and move financial reform in the right direction," said Lew, in his first official meeting as secretary.

Lew said regulators would continue to coordinate and work together quickly even when unconventional episodes like Hurricane Sandy may occur.

"The council has made significant progress to promote market stability by taking actions to issue rules, identify risks, and increase oversight," said Lew.

The council, comprised of 15 regulators including Federal Reserve Board Chairman Ben Bernanke, Federal Deposit Insurance Corp. Chairman Martin Gruenberg, and Comptroller of the Currency John Walsh, continued to discuss efforts on Thursday to designate nonbank financial companies as systemically important, according to Treasury spokeswoman Suzanne Elio.

Regulators have yet to name which nonbanks are under consideration in this final phase, and said they would continue to keep that confidential until a final decision is made.

"The council does not intend to publicly announce the name of any nonbank financial company that is under evaluation before a final determination with respect to such company," said Elio. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.