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FSOC to Consider Changes to Process, Continue Asset Management Discussions

Treasury Secretary and FSOC Chair Jack Lew acknowledged that the FSOC had received "a number of suggestions regarding [the] process for evaluating non-bank financial companies for potential designation" at the most recent meeting of the Council Monday, according to Reuters. Lew suggested that the Council "will begin to consider possible changes in the coming months."
 
The meeting's agenda also addressed issues regarding asset managers, where the Council “discussed areas of focus and potential risks, as well as processes for seeking input and evaluating information." Additionally, the SEC provided updates on "asset manager risk management policy initiatives."
 
The minutes from the FSOC's September 4th meeting (released Monday), indicated that the asset management update at that meeting included presentations from staff at Treasury, the SEC, the Federal Reserve's Office of Financial Stability Policy and Research, and the FDIC.
 
The FSOC press release discussing the most recent meeting can be found here.