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Washington
FSOC Makes First 'Systemically Important' Designations Of Nonbanks
WASHINGTON (7/10/13)--Saying it was taking a "decisive step to address threats to U.S. financial stability and create a safer and more resilient financial system," the  Financial Stability Oversight Council (FSOC) Tuesday voted to designate two nonbank financial companies for "consolidated supervision and enhanced prudential standards."
 
Under authority granted by the Dodd-Frank Act, the FSOC named the following nonbank financial companies as "systemically important financial institutions":
  • American International Group Inc. and
  • General Electric Capital Corp. Inc. 
The designation does not constitute a determination that the companies are currently experiencing material financial distress. 
 
It does, however, subject them to supervision by the Federal Reserve Board and to enhanced prudential standards. 
 
The council determined that if material financial distress were to occur at either of these companies, it could pose a threat to U.S. financial stability. 
 
Use the resource link for more information on the process for the council's nonbank financial company designations and the council's resolutions and basis for its designations.
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