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December 14, 2017

FSOC published its 2017 annual report, which describes significant financial market and regulatory developments, potential emerging threats to the U.S. financial stability, recommendations to promote financial stability, and the activities of FSOC. The report emphasizes that the U.S. financial regulatory system should promote economic growth by preventing financial crises and minimizing regulations that increase costs without commensurate benefits.

Except as otherwise indicated, data cited in this report are as of October 31, 2017. The report, which was developed collaboratively by the FSOC members, their agencies, and respective staff, also recommends the following:

  • The creation of a private-sector council of senior executives to collaborate with regulators and focus on the ways that cyber incidents could impact businesses is recommended.
  • Financial regulators should ensure that financial institutions have sufficient capital and liquidity to reduce their vulnerability to economic and financial shocks. Additionally, regulators should continue to monitor and assess the impact of rules on financial institutions and markets.
  • Regulators should continue to evaluate whether existing rules and standards for central counterparties and their clearing members are sufficiently robust to mitigate potential threats to financial stability.
  • SEC should monitor and assess the effectiveness of money market mutual fund reforms that were implemented last year.
  • Regulators and market participants should complete work on alternative reference rates and take appropriate steps to mitigate disruptions associated with the transition to a new reference rate.
  • Regulators and market participants should continue work to improve the coverage, quality, and accessibility of financial data, in addition to enhancing data sharing between and among relevant agencies.

 

Related Link: Press Release and Report

Keywords: Americas, US, Banking, Securities, Accounting, Insurance, Annual Report, Financial Stability, Proportionality, FSOC

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