ICYMI: The US Financial Stability Oversight Council (FSOC), led by the Treasury Department and comprising other major US financial regulatory agencies, has adopted a stricter oversight regime for non-banks like asset managers and hedge funds to address growing concerns about potential risks in the financial system.
The regulatory changes will allow regulators to designate non-bank firms as "systemically important financial institutions" (SIFIs), subjecting them to Federal Reserve oversight and stricter capital and liquidity requirements. The decision overturns a policy developed under the previous administration that focused on monitoring risky activities rather than singling out specific firms.
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