Sen. Mike Crapo, the top Republican on the Senate Banking Committee, asked the Government Accountability Office to shadow the Financial Stability Oversight Council's process for designating systemically important institutions.

The 2010 Dodd-Frank Act gave responsibility to the FSOC to identify several nonbank financial companies as systemically risky. Designated firms must submit a plan to regulators for how they would safely unwind in case of a financial crisis.

Crapo, the Idaho Republican, asked the GAO on Monday to investigate the FSOC's criteria that led to designations and to ensure that it is transparent and fair.

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