The financial system faces greater potential challenges than in the run up to the 2008 crisis, a new group of former U.S. regulators and senators said on Monday, as they urged federal financial-system overseers to quickly designate systemically important non-bank financial institutions and to expedite the data collection and analysis work of a new agency established to monitor risks.
The bipartisan Systemic Risk Council, led by former Federal Deposit Insurance Corp. Chairman Sheila Bair, said the Financial Stability Oversight Council of federal regulators, or FSOC, was moving too slowly since its establishment under the Dodd-Frank regulatory overhaul.
“FSOC has done little to coordinate, prioritize and lead Dodd-Frank reforms to address systemic risk. In the absence of FSOC leadership, Dodd-Frank rulemakings have been accomplished through protracted inter-agency bargaining and heavy industry lobbying, leading to a confusing array of overly complex and unfinished rule implementations,”
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