Realism or deregulation? Fed sidelined in oversight of insurers
Proposed activities-based approach to non-bank systemic risk will make Sifi designations less likely
It took a change of US president and a lawsuit but the country’s authorities are finally giving in to calls by non-bank financial firms for an activities-based approach to any systemic risks they harbour. The Financial Stability Oversight Council (FSOC) has opened a consultation on the details of such an approach – while companies have found much in it to celebrate, critics say it will not protect financial stability.
Both camps agree the switch away from the current, entity-based approach
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