Asset managers, insurers, and other nonbank financial companies applauded the Trump administration for a proposal that would make it all but impossible for the Federal Reserve to bring them under its supervision.
The Financial Stability Oversight Council—a panel of US financial regulators created following the 2008 financial crisis—in March proposed eliminating Biden-era guidance that had emphasized designating big, interconnected nonbank firms that posed a risk to the financial system as “systemically important financial institutions.” Designated companies are subject to Fed oversight and other requirements.
The FSOC is proposing to return to a standard set during the first Trump administration that ...
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