Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Life Health > Life Insurance

Dodd-Frank Panel Faces Pushback on Rules for Naming Vital Wall Street Firms (The Hill)

Your article was successfully shared with the contacts you provided.

The Dodd-Frank financial reform law requires regulators to determine what institutions are too important to fail. Institutions deemed “systemically important financial institution,” or SIFI, will be subject to heightened regulation and oversight. Banks with at least $50 billion in assets automatically qualify. For nonbanks to be considered, the proposal says they must have at least $50 billion in assets and exposure to credit default swaps, other derivatives, or debt. Wall Street reform advocates argue the proposals from regulators overlooked many types of firms that contributed to the financial crisis. Making the determination is the Financial Stability Oversight Council – also a Dodd-Frank creation – made up of the nation’s top financial regulators, including Treasury Secretary Timothy Geithner. It’s not known when the FSOC will finalize the rule, and no deadline is laid out in Dodd-Frank. Last month, Geithner said he hoped to begin designating nonbank SIFIs by the end of the year.