Do we need stress testing for non-bank financial institutions?
Bill Summary
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt non-banks (such as mutual funds) that aren’t under the supervision of the Federal Reserve from certain stress test requirements. It also allows the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to require financial firms under their jurisdiction with more than $10 billion in assets to undergo periodic tests to analyze their financial stability under adverse economic conditions. Sponsor: Rep. Poliquin, Bruce [R-ME-2]
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Opponents say
• This bill robs the Federal Reserve’s ability to stress test non-bank financial institutions that may be considers systemically important, carving out a path for another financial crisis to occur.
Proponents say
• This bill is a common sense step to ensure the Dodd-Frank Act stress tests aren’t inappropriately applied to non-bank financial institutions, which increase costs that consumers have to pay for.
- Congressional Budget Office: H.R.4566, Alleviating Stress Test Burdens to Help Investors Act
- Letter to Congress: AFR Opposes A Dozen Deregulatory Bills Under Consideration at a House Financial Services Committee Markup
- Stress Testing Under Dodd-Frank: Easing the Regulatory Burden for Midsize Financial Companies
- Stress Testing Banks: Whence and Whither?
- Rewriting the Dodd-Frank Act, One Provision at a Time
- ICI Applauds House Financial Services Committee Passage of Bills Supported by Mutual Funds and Their Advisers
