“Lawmakers are increasing pressure on the Federal Reserve Board to apply different capital rules to nonbank financial firms, like insurance companies, thought to be risky to the financial system.

“A bipartisan group of senators introduced a bill this week that would clarify a provision of the Dodd-Frank Act to say that the central bank does not have to apply bank-like capital requirements to systemically important nonbank firms.

“The issue has been brewing for months, with the industry insisting that the Fed has the power to tailor the rules for nonbank firms and Fed officials arguing that Dodd-Frank mostly tied their hands. Observers said such firms will ultimately be treated differently, but it’s not clear when or how it will happen.”

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