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Thursday, July 10, 2014

Garrett Requests FSOC Documents from NY Fed

Rep. Scott Garrett is asking the Federal Reserve Bank of New York to share information that it has provided to the Financial Stability Oversight Council (FSOC) related to the process of designating financial firms as systemically important financial institutions (SIFIs). Garrett’s request is consistent with House members’ recent actions regarding the FSOC. The NY Fed is not a member of the FSOC, but it has acted as a resource providing financial data to the council. In the letter, Garret expressed his concern:

Designation as a SIFI could have wide ranging and unpredictable consequences in terms of a company’s competitive position, cost-of-capital, regulatory treatment, and the expectation of government support in the event of its failure. It is therefore essential that we have sufficient information on this process to perform our legislative and oversight responsibilities.

Read the letter.

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