FEDERALhearing transcript

Congressional Hearing on Financial Stability Oversight Council (FSOC) Procedures

Original title: OVERSIGHT OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL: DUE PROCESS AND TRANSPARENCY IN NON-BANK SIFI DESIGNATIONS

January 1, 2016

financial regulation Dodd-Frank Act FSOC SIFI designation due process transparency

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The Frame

What this does

The hearing examines the regulatory power of the to designate non-bank companies as s, which subjects them to stricter federal oversight and capital requirements, potentially impacting the financial stability and operational costs of major insurance and investment firms.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Non-bank financial companies

These companies are subject to potential FSOC designation, which leads to increased federal oversight and stricter capital requirements.

Financial Stability Oversight Council (FSOC)

The council is the subject of congressional oversight regarding its regulatory procedures and decision-making processes.

What changed

Last recorded activity January 1, 2016.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a 2015 House subcommittee hearing regarding the Financial Stability Oversight Council's () process for labeling non-bank financial companies as 'Systemically Important Financial Institutions' (s). The hearing focused on whether the FSOC provides sufficient transparency and to companies during these designations.

Key Facts

The hearing was held on November 19, 2015, by the Subcommittee on Oversight and Investigations of the House Committee on Financial Services.
The primary subject was the 'due process and transparency' of the FSOC's non-bank SIFI designation process.
The FSOC was created under Title I of the Dodd-Frank Act to identify risks to U.S. financial stability.
The hearing included testimony from four legal and financial experts: Robert Hockett, Jonathan R. Macey, Hal S. Scott, and Adam J. White.
The record includes a 2014 FSOC document detailing the basis for the final determination regarding MetLife, Inc.
The record includes an Amici Curiae brief from the MetLife, Inc. v. Financial Stability Oversight Council court case.

Frequently Asked Questions

What is a non-bank SIFI?

A non-bank is a non-bank financial company designated by the as 'Systemically Important,' meaning its failure could pose a threat to the financial stability of the United States.

Why were lawmakers concerned about the FSOC?

Lawmakers were investigating whether the 's process for designating these companies is transparent and provides the companies with adequate to challenge the designation.

Why It Matters

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

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MetLife Litigation Connection

The hearing record explicitly incorporates legal filings from the MetLife v. FSOC case, indicating the hearing was heavily influenced by that specific regulatory challenge.

MetLife, Inc.Financial Stability Oversight Council

Connected Entities

organizationFinancial Stability Oversight Council“The federal body responsible for identifying risks to U.S. financial stability.”Map →

personSean P. Duffy“Chairman of the Subcommittee on Oversight and Investigations.”Map →

organizationMetLife, Inc.“A company involved in a legal challenge regarding its SIFI designation.”Map →

personJonathan R. Macey“Witness and Professor of Law at Yale Law School.”Map →

personAdam J. White“Witness and Visiting Fellow at The Hoover Institution.”Map →

personHal S. Scott“Witness and Professor at Harvard Law School.”Map →

personRobert Hockett“Witness and Professor of Law at Cornell Law School.”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance65
How much this matters to a regular citizen
Controversy50
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level

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