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Committee hears calls to reform FSOC and Office of Financial Research after missed signals and political shifts
Summary
Witnesses urged legislative change to the Financial Stability Oversight Council (FSOC) and its data arm, the Office of Financial Research (OFR), arguing the council’s designation tools and OFR’s early‑warning functions have underperformed and been subject to political swings.
Several witnesses urged Congress to revisit the statutory design of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR), arguing the council’s designation authority and OFR’s data function have both fallen short of early‑warning and consistent oversight goals.
Tom Quadman of the Investment Company Institute and Ken Benson said FSOC’s method for identifying non‑bank systemic risks has oscillated across administrations and that an activities‑based approach would…
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