Yellen Says Trump FSOC Designation Guidance Under Review

By Jon Hill (May 10, 2022, 4:12 PM EDT) -- U.S. Treasury Secretary Janet Yellen told senators on Tuesday that the Financial Stability Oversight Council is looking "very carefully" at what to do with Trump-era guidance that she once said would weaken the interagency body's ability to flag nonbank financial companies for heightened regulation.

At a Senate Banking Committee hearing, Yellen stood by her past criticism of interpretive guidance that FSOC adopted in 2019 to revamp its process for designating nonbanks as systemically important financial institutions, or SIFIs, but she stopped short of committing to an outright repeal. 

"We're looking at this very carefully and examining what our options are, and...

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