The Financial Stability Oversight Council (FSOC) is in the final stages of evaluating an initial set of nonbank financial companies for potential designation as SIFIs, or systemically important financial institutions, according to remarks made today by Mary Miller, U.S. Treasury Under Secretary for Domestic Finance.
However, Miller cautioned that careful assessments of these firms, which include AIG and Prudential Financial, take time.
The hope is that the FSOC will vote up or down on the SIFI designations "in the next few months," said Miller, who was speaking before the Annual Washington Conference of the Institute of International Bankers (IIB) this morning.
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Elizabeth Festa
Elizabeth Festa is a longtime business and financial services reporter with a specialty in insurance regulatory and legislative coverage at the federal and state level. She is based in Washington, D.C.
