A member of Congress is demanding that the New York Federal Reserve Bank share with him any information provided by the Bank to members of the Financial Stability Oversight Council (FSOC) regarding the process of designating non-banks as systemically important financial institutions(SIFI).
In a letter to NYFed President William C. Dudley, Rep. Scott Garrett, R-N.J., notes that while the NYFed "is not formally included" as a member of the FSOC, it acts as a resource in providing financial data to FSOC members regarding financial industries and companies the FSOC is eyeing as potential threats to the financial system.
A spokesman for the NYFed acknowledged the agency had received the letter, but declined further comment.
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