In the wake of the recent US banking crisis, Treasury Secretary Janet Yellen proposed new rules making it easier to regulate nonbank institutions and subject them to the supervision of the Fed.
The United States Treasury and a number of top U.S. financial regulators suggested new rules to make it easier for the Federal Reserve to designate nonbank institutions as systemically important, making it easier to supervise and regulate them.from the Financial Stability Oversight Council Council Meeting on April 21, U.S.
Today, the FSOC took action and issued proposals to revise existing guidance on nonbanks designations and release a new financial stability framework. These efforts will strengthen US financial stability and enhance transparency into the Council’s important work.“The existing guidance — issued in 2019 — created inappropriate hurdles as part of the designation process,” Yellen said.
In the wake of the worst banking crisis since 2008, which claimed crypto and tech-friendly banks Silvergate Bank, Signature Bank and Silicon Valley Bank, Yellen reassured both investors and everyday citizens that the U.S. banking sector remains robust and secure.
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