Remarks Before the Financial Stability Oversight Council
· Paul S. Atkins, Chair of the U.S. Securities and Exchange Commission (United States)
Summary written by Dark Majestic in its own words · topics: financial stability, banking regulation and supervision
PS · Paul S. Atkins · U.S. Securities and Exchange Commission WikiRemarks Before the Financial Stability Oversight CouncilContextSpeech by Paul S. Atkins, Chair of the U.S. Securities and Exchange Commission.
Why it mattersThe SEC Chair argues against designating asset managers and insurers for Fed-style supervision.
Problems raised- Non-bank designation by FSOC was arbitrary.
- Designation risk hampers firms' planning.
- Bank-style capital rules fit asset managers poorly.
Solutions proposed- Review the non-bank designation guidance.
- Use an activities-based approach.
- Avoid Fed capital supervision of non-banks.
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