Financial System Regulation

Systemic Risk Council Comments on the Treasury Departments June 2017 Report

WASHINGTON, D.C.—On September 19, 2017, the Systemic Risk Council submitted a comment letter to the United States Department of Treasury (UST) on its Report of June 2017 on possible reforms to banking-system regulation. The Council believes that “the UST Report includes a number of worthwhile technical reforms and addresses important issues that are largely incidental […]

Systemic Risk Council Letter to FSOC About Asset Management Products and Activities

On Wednesday, March 25, the Systemic Risk Council responded to a request for comment by the Financial Stability Oversight Council (FSOC) about asset management products and activities. The letter states: “We commend the FSOC for undertaking a comprehensive review of the asset management industry, consistent with its statutory responsibilities to identify and address systemic risks. […]

New Paper Finds Little Progress in Reducing the Complexity of Global Systemically Important Banks

Today, the Systemic Risk Council* released a research paper by Richard Herring and Jacopo Carmassi examining the complexity of the 29 institutions that have been designated as Global Systemically Important Banks (G-SIBs) by the Financial Stability Board in November 2013. Links to the full paper and executive summary are below. The authors found that in 2013 […]

Systemic Risk Council Statement About Repeal of Section 716 of Dodd Frank

On Friday, December 12, the Systemic Risk Council released the following statement about the repeal of Section 716 in the omnibus spending bill. “We wish to express our strong opposition to including in the omnibus spending bill a repeal of the so-called ‘swaps push-out’ provision of the Dodd-Frank financial reform law. While this provision only […]

Systemic Risk Council Letter Commends U.S. Treasury For Protecting Financial Reforms

On July 7, the Systemic Risk Council sent a letter to U.S. Treasury Secretary Lew commending him and the department for taking a firm stance against including financial services regulation in the ongoing Transatlantic Trade and Investment Partnership (TTIP) negotiations. The letter states: “The United States and its banking, securities and futures regulators have made significant […]

Systemic Risk Council Letter to House Financial Services Committee about FSOC

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 […]

Systemic Risk Council Letter to SEC About Clearinghouses

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 […]

Self-funding of regulators would help fiscal mess

Publication: Politico Author: Brooksley Born and William Donaldson 3/10/2013 —Washington has been abuzz with the automatic, across-the-board spending cuts taking effect, known as the sequester. While many have been focused on the impact on education, law enforcement and transportation safety, another important area that deserves attention is the impact on our financial market regulators: the […]

Global Financial Markets Need to Coordinate Now or Pay the Price Later

Publication: Yahoo! Finance Author: John Rogers 12/20/2012 —I watched the movie “Contagion” on a recent flight to Asia. It tends to dampen the enthusiasm for culinary adventures. In reality, it’s a lot more likely that our next global contagion will come from financial markets, and not from some butcher shop in Asia. Everything we know about financial systems points […]

Prompt, Full Funding Of The SEC And CFTC Is Essential To Reducing Systemic Risk

Contact: Jeremy Ratner,, (202)540-6507 Washington , D.C. – 12/07/2012 – The Systemic Risk Council1 expressed concern that one of the clearest and most important systemic fixes needed for markets is stuck in political gridlock. SRC Chairman Sheila Bair called for prompt resolution of the funding issues related to market regulators, especially the Securities and Exchange Commission (SEC) […]