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News release: “Commercial banks and savings institutions insured by the Federal Deposit Insurance Corporation (FDIC) reported aggregate net income of $40.3 billion in the first quarter of 2013, a $5.5 billion (15.8 percent) increase from the $34.8 billion in profits that the industry reported in the first quarter of 2012. This is the 15th consecutive …
CRS – Financial Stability Oversight Council: A Framework to Mitigate Systemic Risk, by Edward V. Murphy, Specialist in Financial Economics. May 21, 2013: “The Financial Stability Oversight Council (FSOC) was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFA; P.L. 111-203) in 2010 as part of a comprehensive reform of banking and securities …
Regulating Systemically Important Financial Institutions That Are Not Banks Douglas J. Elliott: “Certain financial institutions are so central to the American financial system that their failure could cause traumatic damage, both to financial markets and the larger economy. These institutions are often referred to as “systemically important financial institutions” or SIFIs. The Dodd-Frank Act, the …
