GOP Says SIFI Rule Won't Fit Insurers, Other Nonbanks

Law360, New York (May 16, 2012, 3:25 PM EDT) -- House Republicans said Wednesday that the Federal Reserve's proposal for regulating nonbank financial firms that could pose systemic risk hewed too close to rules for banks and did not properly take into account how insurers and other different types of companies operate.

At a hearing of the House Financial Services Committee's Subcommittee on Financial Institutions and Consumer Credit, Republicans repeatedly asked how the rules, which the Fed is still drafting, would be altered to allow for the different businesses and operations of insurance companies, asset management...
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