US regulators change way big firms chosen for more oversight
Source: Associated Press
US regulators change way big firms chosen for more oversight
Published: Thursday, February 5, 2015 at 3:15 a.m.
Last Modified: Wednesday, February 4, 2015 at 8:38 p.m.
WASHINGTON (AP) A group of top U.S. regulators charged with monitoring the financial system is making changes to the way big financial firms are chosen for stricter government oversight.
Companies will be notified earlier in the process by the Financial Stability Oversight Council that they could be designated as a potential threat to the financial system, under the changes adopted Wednesday by the council. That will give the companies more time to challenge the designation.
The council also will provide more information on its review process to the companies and the public. Sensitive, confidential company information will still be kept from public view.
A designation of "systemically important" means regulators believe a company is so big and entwined with the financial system that it could threaten the economy if it collapsed.
Read more: http://www.goupstate.com/article/20150205/APW/302059994
(Short article, no more at link.)
forest444
(5,902 posts)given recent developments such as the passage of the Citibank ghost-written Banksters' Bail-In Bill.
blkmusclmachine
(16,149 posts)Hoppy
(3,595 posts)fasttense
(17,301 posts)"That will give the companies more time to challenge the designation.
The council also will provide more information on its review process to the companies and the public. Sensitive, confidential company information will still be kept from public view. "
Now they can fight the charges earlier and longer, while still hiding their malfeasance from the public. It's a win-win for banksters and uber rich oligarchs everywhere.
forest444
(5,902 posts)It just goes to show, the Devil's in the details.