FOR IMMEDIATE RELEASE
Monday, April 18, 2016
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com

Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued this statement on the status report issued today by the Financial Stability Oversight Council addressing the FSOC’s work on analyzing the asset management industry:

“FSOC has a unique and vital role to play in preventing financial crises like the one that engulfed our nation in 2008.  It is the only governmental body responsible for identifying, analyzing, and taking steps to limit systemic risks posed by nonbank financial companies, often referred to as the ‘shadow banking system.’  In discharging its mission, the FSOC has focused on gathering the data it needs to perform fact-based assessments of risk.

“While we look forward to reading the report in all its detail, it appears to confirm that the FSOC is following a thorough and methodical approach to its assessment of the risks posed by asset managers, regardless of their specific form or vehicle.  The report provides helpful insight into the FSOC’s particular areas of focus, including the nature and amount of liquidity risk and leverage risk in the asset management sector.  In addition, its proposals for better data gathering from private funds confirmed that FSOC is committed to increasing transparency in our shadow banking system.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.