In response to last month’s turbulence in the banking industry, financial regulators on Friday proposed a more comprehensive approach in identifying and addressing threats to financial stability, including closer scrutiny of nonbank financial companies. US Treasury Secretary Janet Yellen announced a new framework proposed by the Financial Stability Oversight Council that outlines the vulnerabilities in the financial system and the tools regulators can use to address those risks.
“The designation tool serves as an important part of our post-Global Financial Crisis defense,” Yellen said. “It is an important preventative tool to address systemic risks that may arise from a nonbank financial firm whose activities or distress could threaten the financial system.
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