The new U.S. Financial Stability Oversight Council might seek an unprecedented volume of data from hedge funds, broker-dealers and mortgage companies about their risk exposure, Bloomberg News reported Wednesday, citing a confidential study by the panel.
In the document, dated Feb. 3, the council identifies dozens of "potential metrics" to be used in determining which non-bank financial firms should be deemed "systemically important" and subject to oversight by the Federal Reserve.
The study is "a draft report and should be treated as a draft report," Bloomberg quoted Treasury Department spokesman Steve Adamske as saying. He said Treasury would have no further comment until draft rules are released.
The stability council, composed of top U.S. financial regulators, was formed as part of the 2010 Dodd-Frank financial regulation bill. Its task is to identify financial firms that are so large, complex or interconnected that their failure could destabilize the entire financial system. The panel has 18 members, including Fed Chairman Ben Bernanke, and is headed by Treasury Secretary Timothy Geithner.
Source: http://www.automatedtrader.net
In the document, dated Feb. 3, the council identifies dozens of "potential metrics" to be used in determining which non-bank financial firms should be deemed "systemically important" and subject to oversight by the Federal Reserve.
The study is "a draft report and should be treated as a draft report," Bloomberg quoted Treasury Department spokesman Steve Adamske as saying. He said Treasury would have no further comment until draft rules are released.
The stability council, composed of top U.S. financial regulators, was formed as part of the 2010 Dodd-Frank financial regulation bill. Its task is to identify financial firms that are so large, complex or interconnected that their failure could destabilize the entire financial system. The panel has 18 members, including Fed Chairman Ben Bernanke, and is headed by Treasury Secretary Timothy Geithner.
Source: http://www.automatedtrader.net
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