October 3, 2010
Financial Stability Oversight Council Sets Its Agenda for Action
The Financial Stability Oversight Council held its first meeting October 1, 2010. Among the actions taken:
ANPR Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies
The Dodd-Frank Act gives the Council a mandate to designate systemically important nonbank financial firms for heightened supervision, in order to ensure that these institutions cannot escape tough oversight or threaten the stability of the broader financial sector. The ANPR is an initial step in the process by which the Council intends to develop a robust and disciplined framework for the designation of nonbank financial companies for heightened supervision. The ANPR consists of fifteen questions to solicit public comment regarding the implementation of these provisions and will have a 30-day public comment period. The ANPR will inform development of a specific regulatory proposal expected to be published for comment near year-end, with Final Council action on the designation criteria and process is expected by March 31, 2011.
Notice and Request for Information Regarding the Council's "Volcker Rule" Study and Recommendations
The Dodd-Frank Act requires the Council to conduct a study and make recommendations by January 22, 2011, to inform coordinated agency rulemaking on the "Volcker Rule." The Volcker Rule will help improve the safety of our nation's banking system by prohibiting proprietary trading activities and certain private fund investments. The Notice and Request for Information (RFI) provides an effective mechanism for soliciting public and industry input during the development of the Council's formal study and recommendations. The RFI will have a 30-day public comment period.
Integrated Implementation Roadmap
The "Integrated Implementation Roadmap" outlines a coordinated timeline of goals, both of the Council and its independent member agencies, to fully implement the Dodd-Frank Act. This roadmap is the product of a mutual effort to provide transparency as financial regulatory agencies move forward with financial reform. This roadmap includes statutory deadlines as well as non-statutory targets for agency work that may be updated over time.
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