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May 21, 2013

Regulators to Vote on Nonbanks

U.S. regulators will soon vote on which large nonbank financial firms will face much stricter government oversight as policy makers seek to reduce risks posed by Wall Street to the broader economy, Treasury Secretary Jacob Lew will tell Senate lawmakers Tuesday.

Mr. Lew is scheduled to appear before the Senate Banking Committee to discuss the work of federal regulators to implement the 2010 Dodd-Frank financial-overhaul law and potential risks to the financial system. He is expected to be pressed instead on the burgeoning questions surrounding Internal Revenue Service targeting of conservative groups.

In prepared remarks, Mr. Lew focused on financial regulation efforts. Mr. Lew’s comments on when the panel of regulators, known as the Financial Stability Oversight Council, plans to vote on designating some nonbank financial firms will be closely watched. Treasury officials and other regulators have struggled deciding which large, complex financial firms should be subject to higher capital and other rules because of the potential risks they pose to the financial system.”

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Read full Wall Street Journal article here

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