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News Release 2023-121 | November 3, 2023

Acting Comptroller Issues Statement at Financial Stability Oversight Council Meeting on Nonbank Designations Guidance

WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today issued the following at the Financial Stability Oversight Council (FSOC) meeting:

Thank you, Madam Secretary, for your leadership of the Council on this issue.

I strongly support the adoption of the Nonbank Designations Guidance and analytic framework.

The Dodd-Frank Act provides the Council with a number of important tools for monitoring and mitigating risks to U.S. financial stability. It is important that the Council have the ability, willingness, and systems in place to use them when warranted. This guidance and analytic framework help strike the right balance for enabling that.

Having had a front row seat to the failure of AIG during the financial crisis, I have a keen sense of the importance of today’s measures. They restore the options available to the Council under the Dodd Frank Act and, more importantly, will help the Council to effectively detect and prevent threats to financial stability.

I would like to thank Council staff and staff of the Council members for their hard work in developing these documents.

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