Priya PatelTLDR: The Financial Stability Oversight Council (FSOC) recently revised its operating procedures to make it easier to designate non-bank financial firms as “systemically important” and subject them to Federal Reserve regulation. However, the FSOC has been ineffective in identifying and mitigating risks, and its reports and designations have been highly politicized. The council’s scheme to impose climate change regulations on banks and other institutions is not the result of objective analysis but a political plan to discourage fossil fuel investments. The author suggests that congressional oversight is necessary to ensure transparency and prevent politicization of the FSOC.
Congressional oversight for the Financial Stability Oversight Council is a must.
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