Fed wants right to choose which nonbanks pose systemic threat

federal reserve

The Federal Reserve on Tuesday proposed that it be given a measure of discretionary power to identify which nonbank firms posed a threat to the financial system if they were to fail.

The Dodd-Frank Act, which was passed into law last July, gives the Financial Stability Oversight Council (FSoC), the United States' macroprudential oversight body, the power to oversee significant nonbank holding companies that are "predominantly engaged in financial activities".

The rule proposed by the Fed on

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