Financial Stability Oversight Council
U.S. regulators announce ‘Too Big to Fail’ criteria for non-bank firmsPosted by RJ and Makay on Oct 12, 2011 |
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U.S. regulators have proposed a $50 billion asset level as the threshold for non-bank firms such as insurance companies, mutual funds and other big financial institutions to qualify as systematically important financial institutions (SIFIs) and come under additional regulatory scrutiny. This is the same asset threshold that large banks face from Dodd-Frank ‘Too Big to Fail’ legislation.
Health insurers are the largest lobbying spenders, as the property/casualty side and life insurers continue to invest in influencing Dodd-Frank reform implementation. In the first half of 2011, total insurance industry spending on federal lobbying reached $77.3 million, a pace slightly behind the $157.9 million reported for all of 2010, according to data by the independent Center for Responsive Politics and the U.S. Senate Office of Public Records.
The financial overhaul encompassed in the Dodd-Frank Act requires regulators to tackle the notion that big banks are too big to fail. In yesterday’s testimony before the Senate Banking Committee, several top regulators said that new rules facing Wall Street adequately address issues to protect our financial system.
