Lawmakers Sound Financial Stability Alarm as SIFI Designation Becomes Mute
October 2, 2019 by Elizabeth Festa
Deregulation in financial stability oversight prompted lawmakers Wednesday to question if the system is strong enough to catch problems before they spread and cause contagion now that the systemically important financial institution designation has lost its teeth.
At a Wednesday hearing before the House Financial Services Subcommittee on Consumer Protection and Financial Institutions, lawmakers also expressed concern about the winnowing of staff at the Office of Financial Research, which, like the Financial Stability Oversight Council, is under the U.S. Treasury Department purview.