“The U.S. financial risk council approved a final rule on Tuesday laying out how it will decide which financial companies outside the banking industry will face new scrutiny by the Federal Reserve in hopes of preventing a repeat of the 2007-2009 financial crisis.”

“The financial industry’s attention will now turn to which companies will actually be tapped for this additional oversight, something U.S. Treasury Secretary Timothy Geithner has said should happen by the end of this year.”

…

“The perfunctory aspect of the public meetings where rules are approved with little discussion has also drawn complaints.”

“‘Today’s meeting of the Financial Stability Oversight Council lasted less than 10 minutes and makes the Kremlin’s Politburo at the height of the Soviet Union look open and democratic by comparison,’ said Dennis Kelleher, president of Better Markets, a group that advocates tighter financial regulation.”

***

Read full Reuters article here.