Letters to Congress: Letter in Opposition to H.J.Res. 120, a Bill to Obstruct the Financial Stability Oversight Council

View or download a PDF of the letter here.

AFREF and allies led a letter to oppose H.J.Res.120, a bill to obstruct Financial Stability Oversight Council (FSOC) from carrying out its systemic risk oversight responsibilities based on its systemic risk authority mandated by Dodd Frank. If successful, this legislation would grant the largest and riskiest financial players free reign to take on outsized risks that could spread through the entire financial system, exacerbate the likelihood and the severity of financial shocks, and endanger the public, especially Black and Latine families that bear the disproportionate economic impact of financial crises. The FSOC’s designation authority is essential for its ability to assess systemic risk, and where necessary, establish oversight of firms that have the potential to propagate and amplify financial shocks throughout the economy, thereby posing real risks of another financial crisis.