© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen takes questions on the Biden administration’s plans following the collapse of three U.S. lenders including Silicon Valley Bank and Signature Bank, as she testifies before a Senate Finance Committee hearing
(Reuters) – U.S. Treasury Secretary Janet Yellen said on Wednesday that her department was working to restore the Financial Stability Oversight Council’s (FSOC) ability to designate non-bank financial institutions as systemically important.
Yellen, speaking at a hearing of the U.S. Senate’s Appropriations Subcommittee on Financial Services and General Government, said the Treasury Department was working with FSOC on drafting revised guidance that would restore such designations.