January 15, 2015
AAF Solutions Recommends Additional FSOC Reforms
AAF Solutions, a product of the American Action Forum (@AAF), today released additional recommendations that the Financial Stability Oversight Council (FSOC) should implement to foster greater confidence in its operations and designations.
The reforms include:
- Regular meetings with experts and stakeholders. FSOC should go beyond the necessary meetings required by Dodd-Frank to include meetings with outside experts on relevant issues.
- Involve the primary regulator. FSOC should involve the primary regulatorand allow for additional input as the Council considers firms or sectors for designation.
- Stage II improvements. FSOC should give firms earlier formal notice that they have advanced to Stage II consideration, and give firms access to specific data used in the decision.
- Give final summary rundown. Release a public document of the process as well as an explanation of the final decision.
Click here to view the full details of the reforms.