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 […]
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 […]
On Monday, December 1, the Systemic Risk Council wrote a letter to the Financial Stability Board about cross-border recognition of resolution action. The letter states: “We commend the Financial Stability Board for its progress in addressing too big to fail, and in particular, addressing the important cross-border issues that can contribute to systemic instability and impede […]
Sheila Bair, chair of the Systemic Risk Council, released the statement below following the SEC’s meeting on Wednesday, July 23: “I know this has been a difficult issue for the SEC, and I commend Chairman Mary Jo White for her strong leadership in guiding the agency to final rulemaking. I also applaud the SEC for […]
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 […]
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 […]
Statement by Sheila C. Bair, Former Chair of the FDIC and Chair of the Systemic Risk Council “I applaud the federal banking agencies for finalizing a strong simple leverage ratio to work in tandem with the more complex risk-based standard. These tougher capital rules will enhance the durability of our economic recovery and buttress the […]
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 […]