Below are recent activities on the FIO/FSOC front.
- The Financial Stability Oversight Council (FSOC) announced that they were designating AIG and General Electric Capital Corp as systemically important.
- The House of Representatives passed legislation requiring the FSOC to study how differences in the international implementation of Basel III capital rules related to derivatives will affect the U.S. financial system. H.R. 1341, the Financial Competitiveness Act of 2013, passed the House by a vote of 353-24 and now awaits action in the Senate.
- The Ranking Member of the Senate Banking Committee, Mike Crapo (R-ID), wrote a letter asking the Government Accountability Office to study how the FSOC determines which companies should face additional oversight. Specifically, Senator Crapo asked for information on government criteria as well as any communication with the affected companies.
MetLife announced that the FSOC voted to advance the company to the final stage for designation as a systemically important financial institution (SIFI).
- You can read the statement from MetLife here.