Chairman Hill Statement on FSOC Guidance on Nonbank Financial Company Designations
Washington,
March 25, 2026
House Committee on Financial Services Chairman French Hill (AR-02) issued the following statement regarding the Financial Stability Oversight Council’s (FSOC) proposed guidance on nonbank financial company designations: “The Committee commends FSOC for the proposed interpretive guidance on nonbank financial company designations. This would increase transparency around the Section 113 designation process and undo some of the Biden Administration’s changes, including removing the requirement for a cost-benefit analysis and not considering alternatives to designation. In order to cement a more durable approach to the designation process moving forward, it is critical to enact legislative reforms like the Committee’s bipartisan Financial Stability Oversight Council Improvement Act, which passed the House of Representatives last month under suspension of the rules.” ### |