On June 9, the Systemic Risk Council (SRC) sent a letter to the House Financial Services Committee about its concerns with H.R. 4387, the FSOC Transparency and Accountability Act, and the proposed moratorium on Financial Stability Oversight Council (FSOC) determinations. The letter notes that the proposed legislation would undermine FSOC’s ability to identify emerging risks in the […]
On May 28, the Systemic Risk Council (SRC) filed a comment letter to the Securities and Exchange Commission (SEC) about the essential role that Central Clearing Counterparties (Clearinghouses or CCPs) play in our financial markets. The letter notes that it is critical that CCPs have robust capital/loss absorbency and margin protections, as well as effective regulatory […]
On February 18, the Systemic Risk Council (SRC) called on federal regulators to simplify complex financial institutions and mandate greater public disclosure of progress in reducing their systemic imprint. The SRC specifically called on the Federal Reserve and FDIC to annually disclose their joint determination, required by Dodd-Frank, as to whether these firms have submitted […]
On January 9, the Systemic Risk Council sent a letter to the Group of Governors and Heads of Supervision (GHOS) Chairman Mario Draghi encouraging global financial regulators to strengthen and implement international leverage standards. GHOS is the oversight body of the Basel Committee on Banking Supervision. Read the full letter below: SRC Letter to GHOS re […]
On December 2, the Systemic Risk Council sent a letter to the Federal Reserve Board and the FDIC requesting that they take steps to substantially improve the amount and quality of information published in the public sections of “living wills” required by Section 165 of the Dodd-Frank Act. Read the full letter below: SRC letter to […]
On December 2, the Systemic Risk Council sent a letter to the Securities and Exchange Commission to request that the SEC examine the level and quality of disclosures being provided by large complex financial institutions (“LCFIs”) and take steps to strengthen that disclosure. Read the full letter below: SRC letter to SEC re LCFI Public Disclosure 12-02-13
On October 15, the Systemic Risk Council filed a comment letter to bank regulators on the proposed enhanced supplementary leverage ratio for large bank holding companies and their insured depository institution subsidiaries. Read the full letter below: Final SRC Comment Letter re Leverage Ratio 10-15-13
On October 15, the Systemic Risk Council wrote to the Basel Committee on Banking Supervision to strongly support the Committee’s efforts to simplify the Basel capital standards. You can read the full letter below: Final SRC Basel Simplification Letter 10-15-13
On September 18, Systemic Risk Council chair Sheila Bair testified before the House Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises about money market fund reforms. The full testimony is below: Sheila Bair Testimony House Financial Services Sep 18 13
Systemic Risk Council September 16, 2013 Dear Commission: The Systemic Risk Council is writing to recommend that the Commission strengthen its proposed money market fund reforms and put in place a final rule that will fully address the destabilizing risks created by the stable NAV accounting fiction and so-called “penny rounding”. As we have noted […]