FEDERALhearing transcript

Congressional Hearing on Non-Bank SIFI Designation Process

Original title: THE ARBITRARY AND INCONSISTENT NON-BANK SIFI DESIGNATION PROCESS

January 1, 2018

financial regulation Dodd-Frank Act SIFI designation oversight non-bank financial institutions

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The Frame

What this does

The hearing examines the regulatory oversight of large financial firms, which impacts how these companies are supervised and the potential financial risks they pose to the broader economy.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Non-bank financial institutions

These companies are subject to the SIFI designation process, which determines their regulatory oversight requirements.

Financial regulators

These agencies are responsible for implementing the SIFI designation process under the Dodd-Frank Act.

What changed

Last recorded activity January 1, 2018.

What's next

Next step not available in the current record.

Summary

This document is a transcript of a March 28, 2017, House Subcommittee hearing regarding the process used to designate financial institutions as Systemically Important Financial Institutions (s). The hearing focused on criticisms that the designation process under the is arbitrary and inconsistent.

Key Facts

The hearing was held on March 28, 2017, by the Subcommittee on Oversight and Investigations.
The subject of the hearing was the 'Non-Bank SIFI Designation Process' established by the Dodd-Frank Act.
The subcommittee heard testimony from four witnesses: Douglas Holtz-Eakin, Paul H. Kupiec, Alex J. Pollock, and David Zaring.
The hearing included the submission of written statements from the American Council of Life Insurers and the Property Casualty Insurers Association of America.
The hearing was conducted in room 2128 of the Rayburn House Office Building.

Frequently Asked Questions

What is a non-bank SIFI?

A is a non-bank financial institution designated as 'Systemically Important' under the , meaning its failure could pose a threat to the financial stability of the United States.

What was the purpose of this hearing?

The purpose was to investigate and discuss criticisms that the process for designating these institutions is arbitrary and inconsistent.

Why It Matters

The hearing examines the regulatory oversight of large financial firms, which impacts how these companies are supervised and the potential financial risks they pose to the broader economy.

News Coverage

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Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Regulatory Scrutiny

The hearing highlights a period of legislative pushback against the regulatory powers granted to financial oversight bodies by the Dodd-Frank Act.

Dodd-Frank Act Subcommittee on Oversight and Investigations

Connected Entities

personPaul H. Kupiec“Witness, Resident Scholar at the American Enterprise Institute”Map →

personAlex J. Pollock“Witness, Distinguished Senior Fellow at the R Street Institute”Map →

personDavid Zaring“Witness, Associate Professor at The Wharton School”Map →

personAnn Wagner“Chairwoman of the Subcommittee on Oversight and Investigations”Map →

personDouglas Holtz-Eakin“Witness, President of the American Action Forum”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy50
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz20
Current news / social attention level

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