On September 22, 2016, the US Treasury Secretary testified before the US House Financial Services Committee regarding the 2016 FSOC Annual Report. Secretary Lew's remarks included a discussion of the forward-looking approach taken by FSOC and its efforts to engage with stakeholders and the public and to avoid "one-size fits all" regulations. Members of the House Financial Services Committee questioned Secretary Lew on a variety of topics, focusing on the categorization of "Too Big to Fail" and the designation of systemically important financial institutions. In addition, the committee asked Secretary Lew for his views on the joint Federal Reserve Board, FDIC, and OCC report to Congress which recommended repealing the authority for bank holding companies to engage in merchant banking activities. Secretary Lew distanced himself from the report, stating that the Treasury was not involved in its preparation.
The text of the Secretary Lew's opening remarks is available at: http://financialservices.house.gov/uploadedfiles/hhrg-114-ba00-wstate-jlew-20160922.pdf .
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