The Committee will hear testimony on the importance of carefully defining, identifying, and regulating systemically important non-bank financial institutions under the Dodd-Frank Act. Concerns will be raised around the lack of transparency, the lack of cost benefit analysis, rules being considered out of order, and the lack of regulatory coordination.
Witness Douglas Elliott of The Brookings Institution stresses the importance of identifying and regulating systemically important non-bank financial institutions in his testimony:
These institutions are the ones most capable of triggering financial crises through mistakes or bad luck, due to their importance as financial intermediaries and their interconnections with the rest of the financial system.
Watch the hearing live and read more.