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The Systemic Risk Council, which is also sponsored by the CFA Institute, will focus on six areas requiring quicker action by FSOC and its individual members. They include rules to require stronger capital at the nation’s largest firms; the designation of systemically important nonbank financial institutions and rules to “avoid a repeat” of the problems caused by shadow banking; getting the OFR “fully functioning,” and securing confirmation of a director for the research office; speeding up the agreement among regulators to implement the ban on banks’ proprietary trading, known as the Volcker Rule; finishing rules for the over-the-counter derivatives market; and addressing coordination among international regulators.
The group will be “speaking out more publicly, having more meetings, knocking more heads,” Bair said. “There are a lot of things that we can do.”
Members of the new council repeatedly said its purpose includes counteracting efforts by the industry to undercut reforms established by Dodd-Frank.
“Indeed, they are under attack by many of the firms who brought us the financial crisis, through lobbying for the dismantling of protections in the act, delayed rulemaking procedures, challenging the rules in the courts, trying to defund regulatory agencies and preventing the appointment of key regulators, to name just a few of their tactics,” said Brooksley Born, a member of the private-sector council who formerly chaired the Commodity Futures Trading Commission and is a vocal critic of the derivatives market.