Q: FSOC – Are Companies Told Why They are Designated SIFIs?

  • GOV – Gary Hughes (ACLI)
  • Woodall
  • ….FSOC says, ”You are systemically dangerous,” and a natural question is: Why?
  • The FSOC should have to state why they are dangerous and then be able to turn to their primary regulator and say, ”Can you take care of this?”
  • And there has not been in the past clear designation of why they are a danger. And there has never been the chance for their primary regulator to mediate that in any way. I think those are important.  (p14-15)

—  Mr. HOLTZ-EAKIN

2019 0314 – GOV (Senate)- Financial Stability Oversight Council Nonbank Designation –  Senate – Committee on Banking, Housing and Urban Affairs

  • In neither of these two insurer cases did the FSOC justify the designation by identifying specific activities of the company that could have a systemic impact on the United States’ financial system or specific actions required to reduce the risk to the system.
    • In other words, today, according to FSOC, there are companies that potentially threaten our financial system, yet neither the company nor their primary regulators know which risks to address.

[re: Prudential and MetLife]

2015 – GOV – Domestic Insurance Regulatory Issues – Testimony – John Huff (NAIC) – 13p