Financial Stability Oversight Council News

U.S. Financial Stability Oversight Council to ID More Climate-Related Risks

The Financial Stability Oversight Council convened on Thursday to identify and address climate-related financial risk. The FOC last year published an extensive report on climate-related financial risk and issued dozens of best-practices recommendations to U.S. financial regulators to identify and …

Biden Executive Order Initiates Broad Strategy to Assess, Mitigate Climate Change Risks

President Joe Biden on Thursday directed federal agencies to assess and mitigate the increasing and serious risks that climate change poses to individuals, businesses, the federal government and the U.S. financial system, the White House said. Biden issued an executive …

MetLife Asks Court to Delay ‘Too Big to Fail’ Challenge as Trump Vows Review

MetLife Inc. is asking a U.S. court to put on pause a case over how the government deems certain companies “too big to fail,” one of the most significant reforms to come out of the financial crisis, while President Donald …

Rep. Hensarling’s Plan Could Be Blueprint for Trump Revamping of Dodd-Frank

When Jeb Hensarling, the Republican chair of the U.S. House Financial Services Committee, released legislation this summer to weaken the major financial law known as Dodd-Frank, many said it was a prêt-a-porter plan that his party’s nominee, Donald Trump, could …

Systemic Risk Panel to Show Lawmakers Why Some Insurers Are Too Big to Fail

U.S. regulators will disclose to lawmakers more than 1,400 pages of documents explaining why companies such as American International Group Inc. and MetLife Inc. are subject to tougher oversight. The Financial Stability Oversight Council is providing the papers after Republicans …

Senate Banking Chair Shelby Unveils Financial Regulation Reform Bill

The head of the Senate Banking Committee unveiled his long-awaited bill to toughen oversight of the Federal Reserve and ease the regulatory burden on dozens of banks, setting off what could be intense negotiations with Democrats. In legislation that Senator …

U.S. Seeks Dismissal of MetLife Suit Challenging Systemic Designation

MetLife Inc.’s lawsuit challenging its designation by regulators as critical to the economy should be thrown out, U.S. Justice Department lawyers said without making public their arguments to the judge. MetLife on January 13 became the first nonbank to challenge …

FSOC’s Woodall Warns of ‘Inappropriate’ Global Influence On U.S. Policy

Roy Woodall, a member of the U.S. panel charged with preventing another financial crisis, said he is concerned that global regulators have too much influence over policy in Washington. “International regulatory organizations may be attempting to exert what I consider …

House Bill Targets Systemic Risk Panel Transparency

A Republican congressman and a Democratic colleague have introduced a bill to shed more light on the workings of the Financial Stability Oversight Council, which watches for emerging threats to market stability. The draft bill by Florida Republican Dennis Ross …

MetLife Touts Surviving Lehman in Case Against Systemic Risk Tag

MetLife Inc. Chief Executive Officer Steve Kandarian, who is suing to reverse a U.S. finding that subjects the insurer to greater oversight, said his company’s performance in the financial crisis shows its ability to withstand turmoil. The insurer’s cost was …