Undermining the FSOC: Chamber Seeks to Roll Back Regulations On Massive Nonbank Financial Institutions
The U.S. Chamber of Commerce has strongly opposed centralized oversight of “nonbank” financial companies that precipitated the 2008 financial crisis and has fought to help a major contributor avoid heightened standards, according to a new report from Public Citizen’s U.S. Chamber Watch.
This analysis is the last in a series of three reports on the U.S. Chamber of Commerce’s financial policy agenda issued over the past few weeks by Public Citizen’s U.S. Chamber Watch. This report examines the Chamber’s advocacy regarding the Financial Stability Oversight Council (FSOC), which consists of financial regulators and was created as part of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act to identify risks to the financial stability of the United States.