Fed Proposes Rule On Systemically Important Cos.

Law360, New York (February 8, 2011, 3:57 PM EST) -- The Federal Reserve Board proposed a rule Tuesday that outlines criteria for gauging whether a nonbank financial company can be subject to the board’s supervision if it threatens the U.S. financial system.

The rule, which implements two provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, lays down guidelines for the Financial Stability Oversight Council to determine whether a company is "predominantly engaged in financial activities.” It is open for public comment through March 30.

Under the proposal, the Fed would consider a company...
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