WASHINGTON — Despite calls by some lawmakers and businesses to delay regulators' decision to designate certain nonbank firms as systemically risky, an interagency council voted Friday to move forward with the third and final phase of such a plan.

The Financial Stability Oversight Council, headed by Treasury Secretary Tim Geithner, met in a closed-door session to take a key step toward publicly declaring some nonbanks as systemically important financial institutions, or SIFIs.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.