WASHINGTON (Reuters) – The U.S. Chamber of Commerce on Monday called for changes to the U.S. financial risk council that could slow the process by which it designates large financial firms as "systemic," subjecting them to tougher supervision.
In a five-page list of proposed reforms, the Chamber criticized the Financial Stability Oversight Council's governance structure, saying it lacks transparency and does not give enough deference to the FSOC-member regulators who have the most expertise.
The Chamber plans to host a panel discussion on the subject on Wednesday, where several experts who have been critical in the past of the FSOC's operations will speak about systemic risk regulation.
"Structural shortcomings have been exposed," the Chamber wrote in its list of proposed reforms. "We believe important changes must be made."
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