releases: https://www.tillis.senate.gov//public/index.cfm/press-releases?ContentRecord_id=08DEB9EF-85FF-45B2-97A6-11E313485371
Data license: MIT · Data source: dwillis/congress-press
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| https://www.tillis.senate.gov//public/index.cfm/press-releases?ContentRecord_id=08DEB9EF-85FF-45B2-97A6-11E313485371 | Tillis, Rounds, Cotton & Perdue Request Update on Reforms Designating Nonbank Financial Companies | 2018-12-12 | 2018 | 2018-12 | Republican | House | NC | Thom Tillis | T000476 | www.tillis.senate.gov | legacy | Press Releases Home News Press Releases WASHINGTON, D.C.This week, U.S. Senators Thom Tillis (R-NC), Mike Rounds (R-SD), Tom Cotton (R-AR), and David Perdue (R-GA) wrote a letter to Secretary of the Treasury Steven Mnuchin requesting an update on the progress being made by the Financial Stability Oversight Council (FSOC) to reform the systematically important designation process for nonbank financial companies. In November of 2017, the U.S. Department of the Treasury maderecommendationson ways to improve FSOC's designation processes for nonbank financial companies.Passage of Dodd-Frank in 2010 established FSOC with the authority to determine that certain nonbank financial companies shall be supervised by the Federal Reserve and subject to enhanced prudential standards. This additional oversight and regulation, including capital requirements and a mandate to submit living wills to the Federal Reserve and FDIC, pose burdensome compliance costs on companies with the designation.To address concerns about transparency and the analytical process FSOC applies in making decisions about particular firms, the U.S. Treasury recommended in their report that FSOC prioritize its efforts to address risks to financial stability through a process that emphasizes an activities-based or industry-wide approach and implement a process for assessing and addressing potential risks to financial stability.We are grateful for the work of you and your staff on the Treasury Department's November 2017 Report of Financial Stability Oversight Council Designation,wrote the Senators.While we still agree that Congress should make statutory changes, in the interim we believe meaningful reforms can and should be made administratively. Now that we have exceeded the one-year anniversary of the Report's publication, we would value an update on the implementation of the recommended reforms.ClickHEREto read the letter. ### 185 Dirksen Senate Office Building Washington, DC 20510 Phone: (202) 224-6342 Fax: (202) 228-2563 9300 Harris Corners Pkwy Suite 170 Charlotte, NC 28269 Phone: (704) 509-9087 Fax: (704) 509-9162 1694 E. Arlington Blvd Suite B Greenville, NC 27858 Phone: (252) 329-0371 Fax: (252) 329-0290 *Field Office - By Appointment Only 1 Historic Courthouse Square Suite 112 Hendersonville, NC 28792 Phone: (828) 693-8750 Fax: (828) 693-9724 *Field Office - By Appointment Only 1840 Eastchester Drive, Suite 200 High Point, NC 27265 Phone: (336) 885-0685 Fax: (336) 885-0692 310 New Bern Avenue Suite 122 Raleigh, NC 27601 Phone: (919) 856-4630 Fax: (919) 856-4053 | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |