Washington, Feb. 9 -- Congressman Bill Foster issued the following press release:
Today, the U.S. House of Representatives passed Rep. Bill Foster's (D-IL) bipartisan FSOC Improvement Act. This legislation would make the Financial Stability Oversight Council (FSOC) more responsive to emerging threats by clarifying the process of determining whether a financial firm is systemically important to the financial system.
Specifically, this legislation requires FSOC to work with a company and its primary regulator to mitigate risks associated with its business activities before designating the company in its entirety as a Systemically Important Financial Institution (SIFI)-a lengthy and resource-intensive process that may delay a more immediate ...