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A bipartisan group of senators are urging Treasury Secretary Jack Lew not to rely on a recent Office of Financial Research study as basis for labeling asset management firms as systemically risky.
January 24 -
Ahead of a conference on Wednesday, the business lobbying group addressed a number of deficiencies it identified in the structure of the Financial Stability Oversight Council, a 10-member voting panel created under the Dodd-Frank Act and headed by Treasury Secretary Jacob Lew.
December 2 -
The three asset management firms are among those attempting to discount the credibility of a report released by the Office of Financial Research last month that argued such companies potentially pose a threat to the economy.
November 8
WASHINGTON The Financial Stability Oversight Council met on Thursday for a previously scheduled meeting in closed session.
Due to inclement weather, the council headed by Treasury Secretary Jack Lew met with regulators by telephone to continue to discuss the designation of nonbank financial companies.
Although precise details on the meeting were scant, regulators likely discussed a recent study done by the Office of Financial Research examining whether the asset management industry poses a systemic risk. The industry has been fighting back against the report, arguing it should not be used as a basis to designate firms like Fidelity, BlackRock and PIMCO.
The council, which requested the report by the OFR in April 2012, has designated three non-bank firms thus far: American International Group, GE Capital and Prudential Inc.
Regulators also talked about key market themes that will be addressed in the council's upcoming annual report being released this spring.
Additionally, regulators also received updates on markets and international developments on insurance matters during the conference call.
