Miller focused on progresses of the Financial Stability Oversight Council, including: expansion of its supervisory umbrella to cover designated nonbank financial companies and money market mutual fund reform—making it clear that the SEC is the primary regulator and should take the lead in driving reforms.
Miller noted the top priorities for Secretary Lew and the Treasury Department include:
- finalizing Section 619 of the Dodd-Frank Act, the Volcker Rule;
- implementing Section 941 of the Dodd-Frank Act, the risk-retention rule, and;
- engaging closely with U.S. and international regulators to strengthen abilities to address failing cross-border financial companies.
Read Miller’s prepared testimony.