Tag Archives: FSOC

News Release: 40,000 petitioners to Yellen: Time for bold climate action in new report

Public Citizen, Sierra Club, 350.org, Americans for Financial Reform, Evergreen Action, and Action Center on Race and the Economy today delivered more than 40,000 petition signatures to U.S. Treasury Secretary Janet Yellen demanding that an upcoming report highlight the gravity of climate threats to our financial system and identify concrete steps that financial regulators should take to address them.

Clean Energy Climate

News Release: Federal financial stability watchdog stirs while some regulators snooze on climate

“The FSOC and Treasury must pivot from this meeting and push lagging regulators to turn today’s words on climate into bold and timely action. At its next meeting, the FSOC should take the concrete steps we recommend in the Climate Roadmap. There’s still time to act, but no more time to delay.”

— Alex Martin, Senior Policy Analyst, Americans for Financial Reform Education Fund

a melting glacier

News Release: Financial Regulation an Essential Tool for Fighting Climate Crisis

The “Climate Roadmap for U.S. Financial Regulation,” from Americans for Financial Reform Education Fund and Public Citizen, outlines how Biden appointees can protect investors, workers, and the economy from the escalating risks caused by the climate crisis, while also shifting the regulatory framework towards one that promotes the transition to a low-carbon future.

No Thumbnail

News Release: Regulators were wrong to remove Prudential Financial from list of systemically important financial companies

The Financial Stability Oversight Council (FSOC) announced that it has reversed its designation of Prudential Financial, Inc. as a systemically important financial institution (SIFI). The Council, under the leadership of Secretary Mnuchin, has now freed from Federal Reserve consolidated oversight the last of the four previously designated nonbank SIFIs.

No Thumbnail

AFR Statement: Treasury Report on Systemic Risk Designation of Large Non-Banks

FOR IMMEDIATE RELEASE Nov. 20, 2017 CONTACT Carter Dougherty carter@ourfinancialsecurity.org (202) 251-6700 Treasury Memorandum Weakens Systemic Risk Supervision On Friday the Treasury Department released a memorandum on the process used by the Financial Stability Oversight Council (FSOC) to designate large systemically significant non-bank financial institutions

No Thumbnail

AFR In the NEws: Divide Between Financial Regulators Appointed by Trump, Obama Widens (Reuters)

The political fissure between an Obama-appointed financial overseer and regulators hired by U.S. President Donald Trump is widening, with Consumer Financial Protection Bureau (CFPB) Director Richard Cordray threatening to challenge in court any attempt to kill his agency’s new arbitration rule. To overturn a CFPB rule, two-thirds of the FSOC must agree that it puts the whole banking system at risk. “It’s an extraordinarily high standard,” said Brian Marshall, policy counsel for Americans for Financial Reform, a Washington-based advocacy group. “It’s ludicrous that the arbitration rule would meet that standard.”

No Thumbnail

AFR in the News: Wall Street Critics on High Alert After Trump Victory (American Banker)

“[The] question is whether Dodd-Frank will be replaced or just torn down. If Republicans create a regulatory vacuum or simply allow the banks to write their own rules, [AFR’s Marcus Stanley] said, they will have gone too far. ‘It’s obvious that Dodd-Frank is going to come under severe attack both in Congress and the regulatory agencies,’ Stanley said… [T]he first question is going to be, What do you plan to do to actually address these Wall Street abuses? If the answer is, We’re not going to do anything … then that is something we are going to fight really hard on.”