Wall Street Groups Say Risk Rule Shouldn't Cover Nonbanks

Law360, New York (April 30, 2012, 7:05 PM EDT) -- Wall Street lobbying groups on Monday slammed the Federal Reserve’s proposed rule to implement stricter risk standards and early remediation requirements of the Dodd-Frank Act, saying nonbank financial firms shouldn’t be subject to the same requirements as bank holding companies.

In comments on the proposed rule, the Financial Services Roundtable and the Securities Industry and Financial Markets Association said applying the same standards and requirements to nonbanks deemed systemically important by the Financial Stability Oversight Council goes against congressional intent and directly conflicts with Dodd-Frank....
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