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Hearing Brings New Test for the Financial Stability Oversight Council 

December 10, 2015

Ryan Tracy, The Wall Street Journal

More than five years after Congress created a new committee to plug holes in Washington’s oversight of Wall Street, members of the Financial Stability Oversight Council on Tuesday are set to testify at a congressional hearing as a group for the first time.

While the hearing before the House Financial Services Committee might not produce any new revelations, it is a rare chance for the group, known as FSOC, to address its critics directly.

The strength of their arguments will matter. The council’s backers are scrambling to fight off a year-end legislative effort that would make it harder for the group to exercise one of its key powers – identifying financial firms that deserve stricter oversight. One of its most high-profile decisions – the identification of MetLife Inc. as a firm deserving of tighter scrutiny – is facing a legal challenge. Read more

 

 
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