The Financial Stability Oversight Council (FSOC) expects to vote on proposed designations of an initial set of nonbank financial companies in the near term, according to Treasury Secretary Jacob Lew in prepared testimony today before the Senate Banking Committee.
These companies, which include AIG, Prudential Insurance among insurers, if designated, would be subject to supervision by the Federal Reserve and enhanced prudential standards.
In questioning, Senate Banking Committee Chairman Tim Johnson, D-S.D., pointedly asked twice when the nonbank designations would be made.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
