| 00:00:15 |
Capito, Shelley Moore - U.S. Representative, [R] West Virginia
MEMBER. >>> THIS HEARING IS CALLED TO ORDER. I WANT TO WELCOME EVERYONE. THIS MORNING, THE FINANCIAL INSTITUTIONS AND CONSUMER CREDIT SUBCOMMITTEE...
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| 00:04:16 |
Maloney, Carolyn - U.S. Representative, [D] New York
WITNESSES. YOU HAVE THIS HEARING TODAY IS ABOUT A VERY IMPORTANT SET OF ISSUES AROUND DESIGNATION OF NONBANK COMPANIES AS SYSTEMICALLY SIGNIFICANT....
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| 00:07:46 |
Bachus, Spencer - U.S. Representative, [R] Alabama
COMMITTEE MR. BACCHUS FOR THREE MINUTES FOR AN OPENING STATEMENT. >> I THANK THE CHAIRMAN. AT TODAY'S HEARING WE'LL HAVE AN OPPORTUNITY TO EXAMINE...
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| 00:11:32 |
Baca, Joe - U.S. Representative, [D] California
I WANT TO THANK YOU FOR HOSTING THIS HEARING ALONG WITH THE RANKING MEMBER. I ALSO WANT TO THANK BOTH OF THE PANELISTS FOR BEING HERE WITH US TODAY...
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| 00:14:17 |
Garrett, Scott - U.S. Representative, [R] New Jersey
MR. GARRETT. >> THANK THE CHAIR ALSO FOR THIS IMPORTANT HEARING WITH REGARD TO THE DESIGNATION OF FIRMS THAT ARE SYSTEMATICALLY IMPORTANT FINANCIAL...
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| 00:16:10 |
Scott, David - U.S. Representative, [D] Georgia
FOR TWO MINUTES. >> THANK YOU VERY MUCH, MADAME CHAIRMAN. I THINK WE NEED TO MAKE SURE THAT AS WE LOOK AT THE SITUATION WE'RE IN TODAY, THE RESULTS...
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| 00:18:37 |
Royce, Edward "Ed" - U.S. Representative, [R] California
YOU, MADAME CHAIRMAN. MORE THAN ANY OTHER, SECTION 165 OF DODD-FRANK IS EMBLEMATIC OF WASHINGTON TAKING ITS EYE OFF OF THE BALL BECAUSE INSTEAD OF...
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| 00:19:47 |
Green, Al - U.S. Representative, [D] Texas
MINUTES. >> THANK YOU, MADAME CHAIR. I THANK THE RANKING MEMBER, AS WELL. OF ONE THING I AM TOTALLY ABSOLUTELY AND COMPLETELY CONVINCED, IT IS THIS....
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| 00:21:43 |
Auer, Lance - Deputy Assistant Secretary
INSTITUTIONS, U.S. DEPARTMENT OF TREASURY. WELCOME. >> THANK YOU, CHAIRMAN CAPITO, RANKING MEMBER MALONEY AND MEMBERS OF THE SUBCOMMITTEE. >> DO YOU...
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| 00:26:06 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
SYSTEM. WELCOME. >> CHAIRMAN CAPITO, RANKING MEMBER MALONEY AND OTHER MEMBERS OF THE SUBCOMMITTEE, THANK YOU FOR THE OPPORTUNITY TO TESTIFY TODAY...
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| 00:30:27 |
Q&A, -
I'D BE PLEASED TO ANSWER ANY QUESTIONS YOU MIGHT HAVE. >>
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| 00:30:30 |
Capito, Shelley Moore - U.S. Representative, [R] West Virginia
THANK YOU. THANK YOU BOTH. I WILL BEGIN WITH THE QUESTION. AS YOU'RE PROBABLY WELL AWARE, MANY DIFFERENT COMPANIES FROM VARIOUS INDUSTRIES AND BOTH...
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| 00:31:15 |
Auer, Lance - Deputy Assistant Secretary
I'LL START WITH THE TREASURY. >> THANK YOU, CHAIRMAN. THE PROCESS THAT THE COUNCIL DEVELOPED IN PUTTING OUT ITS PROPOSED RULE FOR COMMENT IN THREE...
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| 00:32:29 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
FOR ENHANCED PRUDENTIAL STANDARDS THAT WE DO INTEND TO TAILOR THE STANDARDS TO THE CHARACTERISTICS OF THE COMPANIES THAT ARE DESIGNATED BY THE...
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| 00:36:42 |
Maloney, Carolyn - U.S. Representative, [D] New York
ASK MR. AUER, I UNDERSTAND THE CRITERIA THE COUNCIL HAS ESTABLISHED BY REGULATION SXWL STATUTE, BUT I'D LIKE MORE CLARITY ON THE EXACT METRICS THAT...
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| 00:37:20 |
Auer, Lance - Deputy Assistant Secretary
PROCESS. THE FIRST STAGE IS BASED ON PUBLICLY AVAILABLE DATA AND EASILY CALCULATABLE METRICS IN ORDER TO PROVIDE GREATER CLARITY TO THE PUBLIC ABOUT...
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| 00:38:57 |
Maloney, Carolyn - U.S. Representative, [D] New York
INTERCONNECTEDNESS, LACK OF SUBSTITUTES OR OTHER FACTORS. >> THANK YOU, AND MR. GIBSON, WILL THE FEDERAL RESERVE'S PRUDENTIAL STANDARDS PROPOSAL FOR SIFIs...
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| 00:39:33 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
YOU ELABORATE ON THAT? >> SO WE UNDERSTAND THAT DIFFERENT TYPES OF NONBANK FINANCIAL COMPANIES WILL HAVE DIFFERENT CHARACTERISTICS AND DIFFERENT BUSINESS...
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| 00:40:19 |
Maloney, Carolyn - U.S. Representative, [D] New York
TO TAKE A LOOK AT THE NEED FOR TAILORING THE STANDARDS. >> OKAY. MR. AUER, YOU SAID IN YOUR TESTIMONY YOU'RE GOING TO BE VERY TRANSPARENT. SO WHAT ARE...
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| 00:40:30 |
Auer, Lance - Deputy Assistant Secretary
THE DESIGNATION DECISIONS TRANSPARENT? >> SO FIRST I SHOULD NOTE THAT THE COUNCIL WAS NOT REQUIRED TO ISSUE ANY SORT OF RULE AROUND ITS NONBANK DESIGNATIONS...
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| 00:41:50 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
166 IS THAT WE'VE PUT OUT THE PROPOSED RULE FOR COMMENT. WE'VE RECEIVED A LOT OF COMMENTS. WE'RE IN THE PROCESS OF REVIEWING THOSE COMMENTS AND WE'RE...
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| 00:42:17 |
Bachus, Spencer - U.S. Representative, [R] Alabama
MINUTES. >> THANK YOU. MR. GIBSON, I'M READING 113. EVENTUAL TO READ 113 I GUESS IN CONNECTION WITH 165. IS THAT CORRECT? IN DETERMINING WHAT IS...
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| 00:42:38 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
THE RULES FOR DESIGNATING FIRMS AND SECTION 165 DESCRIBES THE STANDARDS THAT WILL BE APPLIED TO THESE FIRMS. >> RIGHT. YOU KNOW, IT APPEARS THE...
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| 00:46:00 |
Auer, Lance - Deputy Assistant Secretary
THE FSOC CONTAINS AT LEAST THREE MEMBERS PRIMARILY FOCUSED ON EXPERTISE. AS THE COUNCIL GETS INTO STAGES TWO AND THREE OF LOOKING AT ANY PARTICULAR FIRM...
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| 00:46:21 |
Bachus, Spencer - U.S. Representative, [R] Alabama
RIGHT. IS THERE ANY RECOGNITION BY EITHER TWO OF YOU GENTLEMEN THAT THESE STANDARDS DON'T APPEAR TO -- THEY DON'T REALLY APPEAR TO FIT SAY AN ASSET...
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| 00:47:02 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
COMPANIES, WE WOULD CERTAINLY HAVE TO LOOK AT THE NEED TO TAILOR THE STANDARDS THAT ARE IN THE PROPOSED RULE TO THE SPECIFIC CHARACTERISTICS OF THOSE...
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| 00:48:04 |
Auer, Lance - Deputy Assistant Secretary
ASSETS TEST. AS WE SAY IN THE FINAL RULE AND GUIDANCE, WE EXPECT THAT THAT WOULD CAPTURE LESS THAN 50 COMPANIES IN TOTAL. >> OKAY. >> GENTLEMAN'S...
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| 00:48:40 |
Hinojosa, Ruben - U.S. Representative, [D] Texas
THANK YOU. MOST PEOPLE AGREE THAT THE LACK OF THE REGULATION OF THE NONBANK SEGMENTS OF THE FINANCIAL INDUSTRY, SUCH AS THE NONBANK MORTGAGE LENDERS...
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| 00:49:44 |
Auer, Lance - Deputy Assistant Secretary
CONGRESSMAN. YES, WE VIEW THE AUTHORITY TO DESIGNATE NONBANK FINANCIAL COMPANIES THAT COULD POSE A THREAT TO THE FINANCIAL STABILITY OF THE UNITED...
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| 00:52:00 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
NO, NOTHING IN THE SECTION 165 OR -- THE MAJORITY OR ALMOST ALL OF SECTION 165 AND 166 DO NOT APPLY TO COMMUNITY BANKS. WHAT WE'RE DOING IS RAISING...
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| 00:53:06 |
Hinojosa, Ruben - U.S. Representative, [D] Texas
OR LARGER, ARE COMING TOGETHER WITH COMMUNITY BANKS TO COME VISIT ME IN MY OFFICE AND TOGETHER POINT OUT THAT THESE REGULATIONS ARE OVERREACHING AND...
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| 00:54:35 |
Renacci, Jim "James" B. - U.S. Representative, [R] Ohio
FOR FIVE MINUTES. >> THANK YOU, MADAME CHAIRWOMAN. THANK YOU FOR BEING HERE TODAY. ONE OF THE BIGGEST CHALLENGES WAS NOT THE REGULATION BUT CERTAINTY...
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| 00:55:26 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
BE RESOLVED BEFORE FSOC CAN START DID HE SAY DID HE SAY IG NATE DESIGNATING -- >> NONBANK FINANCIAL COMPANIES THAT ARE POSSIBLE TO BE DESIGNATED. ...
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| 00:58:05 |
Renacci, Jim "James" B. - U.S. Representative, [R] Ohio
IN THIS CASE. WE'RE NOT TRYING TO DEFINE A NEW DEFINITION OF WHAT IS FINANCIAL IN A COMPANY. >> COMPANIES THAT ARE SUBJECT TO DETERMINATION NOT ENTITLED...
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| 00:58:26 |
Auer, Lance - Deputy Assistant Secretary
AND GUIDANCE THAT THE COUNCIL PUBLISHED, THEY WENT ABOVE AND BEYOND FOR PROVIDEING FIRMS TO CHALLENGE WHY THEY SHOULD OR SHOULD NOT BE DESIGNATED....
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| 00:59:44 |
Scott, David - U.S. Representative, [D] Georgia
YOU THIS FIRST QUESTION. IS THE FSOC THE ONLY WAY TO FURTHER REGULATE SYSTEMICALLY IMPORTANT NONBANKS? OR HAVE ALTERNATIVE METHODS
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| 00:59:59 |
Auer, Lance - Deputy Assistant Secretary
BEEN CONTEMPLATED? >> SO, SOME NONBANK COMPANIES ARE ALREADY SUBJECT TO SOME DEGREE OF REGULATION SUBJECT TO STATE INSURANCE AND SUPERVISION EVEN...
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| 01:00:49 |
Scott, David - U.S. Representative, [D] Georgia
ARE SUBJECT TO ENHANCED PRUDENTIAL STANDARDS. >> DOES IT SEEM PRUDENT TO IMPOSE BANK-LIKE REGULATIONS ON NONBANKS? >> WHAT WE HAVE
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| 01:01:08 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
PROPOSED IN SECTION 165 AND 166 IS FOCUSED ON THE BANKS. THAT SECTION APPLIES TO BOTH BANK-HOLDING COMPANIES THAT ARE BOTH 50 BILLION AND ABOVE AND...
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| 01:02:07 |
Auer, Lance - Deputy Assistant Secretary
MANAGERS? >> SO THE AGENCIES ARE OBVIOUSLY CONCERNED ABOUT THEIR COSTS AND BENEFITS OF THEIR ACTIONS AND THEY WANT TO BEAR IN MIND THAT THIS RULE WAS...
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| 01:02:29 |
Scott, David - U.S. Representative, [D] Georgia
IN DESIGNATIONS. >> AND LET ME ASK YOU ALSO, HAVE YOU ALL TAKEN A LOOK AT OR CONSIDERED ANY ADVERSE AFFECTS OF THE DESIGNATION? >> SO THE AFFECTS OF...
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| 01:05:22 |
Royce, Edward "Ed" - U.S. Representative, [R] California
QUESTION OF MR. AUER, JUST TO GET HIS FEEDBACK ON A PROBLEM I SEE HERE, THAT I DON'T THINK IS GOING TO GO AWAY. AND THAT IS THAT THE MARKET IS GOING...
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| 01:08:27 |
Auer, Lance - Deputy Assistant Secretary
YOUR TAKE ON THAT. >> SO, I CAN'T SPEAK FOR MR. GRUENBERG'S COMMENTS. I CAN SAY MY UNDERSTANDING OF THE APPLICATION OF -- OR LIQUIDATION AUTHORITY...
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| 01:10:39 |
Carney, John - U.S. Representative, [D] Delaware
MINUTES. >> THANK YOU FOR HAVING THE HEARING TODAY AND THANK YOU TO THE PANELISTS FOR COMING. MR. AUER, YOUR WRITTEN TESTIMONY PROVIDES, I THINK, A...
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| 01:11:19 |
Auer, Lance - Deputy Assistant Secretary
YOU'LL LOOK AT ALL THESE FIRMS. WHEN WILL THAT TEST -- WHEN WILL THE PROCESS START? >> THE PROCESS HAS STARTED. >> HAS STARTED? >> THE FINAL RULE WAS...
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| 01:15:41 |
Hensarling, Jeb - U.S. Representative, [R] Texas
DODD FRANK ACT ADDRESSES THE MARKET PERCEPTION THAT SUCH FIRMS ARE TOO BIG TO FAIL. IT SEEMS TO BE FAIRLY WELL DOCUMENTED THAT THE LARGER INVESTMENT...
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| 01:16:17 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
SO, IT CERTAINLY IS TRUE THAT SOME MARKET PERCEPTION STILL EXISTS, AS WAS MENTIONED PREVIOUSLY BY RATING AGENCIES AND OTHERS. THE MARKET DOES NOT SEEM...
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| 01:20:44 |
Auer, Lance - Deputy Assistant Secretary
85% THRESHOLD. THE COUNCIL IN DESIGNING THE STAGE ONE THRESHOLDS WANT TO PROVIDE CLARITY WITH THE TYPES OF FIRMS IT IS LIKELY TO FOCUS ON. AND FOR FURTHER...
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| 01:21:58 |
Green, Al - U.S. Representative, [D] Texas
AGAIN. >> TO A GOOD MANY MEMBERS OF THE PUBLIC PUBLIC, IT IS SCI-FI. IT REALLY IS. PERHAPS WE CAN FIND A WAY TO EXPLAIN THIS IN A MUCH MORE INTELLIGENTIBLE...
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| 01:23:10 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
TO AS EXOTIC PRODUCTS, MR. GIBSON? >> WELL, WITH THE CAVEAT THAT THE FEDERAL RESERVE WAS NOT THE SUPERVISOR OF AIG, I'M PRETTY SURE THE ANSWER TO YOUR...
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| 01:24:42 |
Green, Al - U.S. Representative, [D] Texas
AUER, AM I PRONOUNCING YOUR NAME CORRECTLY, SIR? >> YES. >> AIG, AFTER
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| 01:24:48 |
Auer, Lance - Deputy Assistant Secretary
THE FACT, WE RECOGNIZED WAS PART OF THE GLUE HOLDING THE ORDER TOGETHER, TRUE? >> AIG WAS INTIMATELY INVOLVED AND HIGHLY INTERCONNECTED WITH A GREAT...
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| 01:26:05 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
GIBSON, DEAL WITH THE CONSEQUENCES OF BAD DECISIONS BY THESE MEGA BUSINESSES? >> YES. AND ONE OF THE ENHANCED PRUDENTIAL STANDARDS THAT NONBANK COMPANIES...
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| 01:26:26 |
Green, Al - U.S. Representative, [D] Texas
DESCRIBING. >> AND FOR THOSE WHO WOULD LIKE TO GO BACK TO THE STOCK MARKET CRASH, READ ABOUT HOW THE RESISTANCE THAT TOOK PLACE WHEN WE WERE TRYING...
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| 01:27:31 |
Luetkemeyer, Blaine - U.S. Representative, [R] Missouri
FSOC. COMING FROM THE SMALL BANK, COMMUNITY BANK PR EXPECTATIVE, SOME OF THE THINGS THAT HAVE COME DOWN, THERE ARE A LOT OF RULES. I BELIEVE THAT...
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| 01:28:07 |
Auer, Lance - Deputy Assistant Secretary
UPCOMING REGULATIONS AND I SUSPECT IT WILL CONTINUE TO DO SO. CONSISTENCY ACROSS THE AGENCIES AS THEY DEVELOP THEIR RULE MAKING PROCESS AND THAT HELP...
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| 01:30:19 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
ENFORCEMENT TOOLS FOR ENFORCING THE ENHANCED PRUDENTIAL STANDARDS ON NONBANK COMPANIES THAT WE CURRENTLY HAVE. >> WHICH ARE WHAT? >> SUPERVISORY...
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| 01:30:47 |
Luetkemeyer, Blaine - U.S. Representative, [R] Missouri
HOLDING COMPANIES. >> WHENEVER YOU DESIGNATE SOMEONE AS A SIFI, IS THIS GOING TO BE PUBLIC KNOWLEDGE OR SOMETHING THAT'S INTERNAL BETWEEN YOUR AGENCIES...
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| 01:32:46 |
Miller, Brad - U.S. Representative, [D] North Carolina
PORTFOLIO AND I DON'T CLAIM TO UNDERSTAND THAT ENTIRELY, BUT THE DETAILS ARE SKETCHY. IT ALSO APPEARS -- CREDITS OF THE BANKS ARE TAKING TOO MUCH PLEASURE...
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| 01:35:30 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
THEY'RE SMALLER. WHY NOT HAVE SMALLER BANKS? >> SO, UNDER THE DODD FRANK ACT, IN PARTICULAR SECTION 165 ENHANCED PRUDENTIAL STANDARDS WE'VE BEEN TALKING...
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| 01:38:14 |
McHenry, Patrick - U.S. Representative, [R] North Carolina
CHAIR. MR. AUER, SO DESIGNATED NONBANK SIFIS, HOW MUCH WEIGHT WILL THE FSOC GIVE TO EXISTING REGULATORS? PERHAPS YOU HAVE AN INTERNATIONAL NONBANK FINANCIAL...
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| 01:38:49 |
Auer, Lance - Deputy Assistant Secretary
LESS LIKELY? >> BOTH IN THE FRAMEWORK THAT THE COUNCIL LAYS OUT IN ITS RULE AND GUIDANCE STAGES TWO AND THREE, THE COUNCIL DOES PLAN TO TAKE INTO ACCOUNT...
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| 01:39:30 |
McHenry, Patrick - U.S. Representative, [R] North Carolina
YOU SAID EARLIER THAT YOU HAVE THE AUTHORITY, THE FED HAS THE AUTHORITY TO TAILOR STANDARDS AS APPROPRIATE TO NONFINANCIAL COMPANIES. NOW, ISN'T
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| 01:39:42 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
THIS UNCHARTERED TERRITORY FOR THE FED? >> WE HAVE THE AUTHORITY TO TAILOR THE STANDARDS FOR NONBANK FINANCIAL COMPANIES. COMMERCIAL COMPANIES WOULD...
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| 01:43:59 |
Canseco, Francisco "Quico" - U.S. Representative, [R] Texas
THANK YOU. >> MR. CANSECO. >> THANK YOU, MADAME CHAIR. I NOTICED AT THE FEBRUARY 1st FSOC MEETING YOU UPDATED THE COUNCIL ON COMMENTS THAT IT HAD RECEIVED...
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| 01:44:47 |
Auer, Lance - Deputy Assistant Secretary
BY THE COUNCIL MEMBERS? >> THE DISCUSSIONS AT THAT PARTICULAR COUNCIL MEETING WERE NOT THE FIRST TIME THAT THE NONBANK DESIGNATION RULE HAD BEEN DISCUSSED...
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| 01:48:07 |
Canseco, Francisco "Quico" - U.S. Representative, [R] Texas
THAT WAS ADJUSTED OR DEEMED NOT RELEVANT. >> THANK YOU.YOU. MR. GIBSON, THE FINAL RULE THAT WAS ISSUED IN APRIL, IT WAS NOTED THAT THE FED HAS AUTHORITY...
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| 01:48:50 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
ENGAGING IN THEM? HAS IT DONE THAT? >> SO WE HAVE A PROPOSED RULE WHICH HAS NOT BEEN MADE FINAL YET ON THE DEFINITION OF FINANCIAL AS IT APPLIES TO...
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| 01:50:23 |
Manzullo, Donald "Don" A. - U.S. Representative, [R] Illinois
HEARING. I HAVE PROBLEMS IN THE FACT THAT THE PROPOSED REGULATIONS SWEEP INSURANCE COMPANIES INTO THE SAME AREA AS BANK HOLDING COMPANIES. AND WHAT'S...
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| 01:52:22 |
Auer, Lance - Deputy Assistant Secretary
SUPERVISED BY THE FEDERAL RESERVE. >> WOULD THEY COME UNDER THE NEW REGULATION REGULATIONS? >> MET LIFE IS A NONBANK FINANCIAL COMPANY. I'M FAIRLY...
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| 01:53:09 |
Manzullo, Donald "Don" A. - U.S. Representative, [R] Illinois
CAN'T -- >> THE REASON I BRING THAT OUT IS THE FACT THAT IF YOU TAKE A LARGE COMPANY LIKE MET LIFE AND YOU TREAT THEM LIKE A BANK HOLDING COMPANY ARE...
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| 01:53:29 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
THE DIFFERENCE IN THE REGULATION AND SUPERVISION THAT THE FEDERAL RESERVE HAS BEEN ENGAGED IN WITH MET LIFE AND OTHER LARGE INSURANCE COMPANIES THAT CHOSE...
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| 01:54:43 |
Auer, Lance - Deputy Assistant Secretary
TO ASSESS MET LIFE AND IT COMES TO THE CONCLUSION THAT MET LIFE DOES NOT POSE A THREAT TO FINANCIAL STABILITY THEN PRESUMABLY -- >> THREE INSURANCE...
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| 01:54:58 |
Manzullo, Donald "Don" A. - U.S. Representative, [R] Illinois
FUNDS. A AIG GOT IT -- EVEN THE INSURANCE UNDER ILLINOIS RULES, THAT WAS WALLED OFF. THOSE ASSETS WERE WALLED OFF BECAUSE OF ILLINOIS LIQUIDITY ...
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| 01:55:44 |
Grimm, Michael - U.S. Representative, [R] New York
PANELS FOR BEING HERE TODAY. IT IS INTERESTING, I'LL TELL YOU THAT. THE LAST QUESTIONS I THINK HIT TO THE HEART OF WHY EVERYONE IS SO CONFUSED. THE...
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| 01:57:08 |
Auer, Lance - Deputy Assistant Secretary
ADVERSE EFFECTS? >> THE COUNCIL IS IN ITS PROPOSED GUIDANCE DESCRIBES HOW IT IS GOING TO GO ABOUT ASSESSING WHETHER OR NOT A FIRM POSES A THREAT TO...
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| 02:01:34 |
Garrett, Scott - U.S. Representative, [R] New Jersey
CHAIR AND THE GENTLEMAN ON THE PANEL. FED HAS PROPOSED A RULE TO DEFINE FINANCIAL ACTIVITY THROUGH THE DEFINITIONS AND PURPOSES OF DODD FRANK. IT...
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| 02:04:51 |
Gibson, Michael - Director of Banking Supervision and Regulation Division
IT WOULD BE LIMITTED TO THIS AREA. >> SO WE HAVE THE REPROPOSAL OUT FOR COMMENT. THE COMMENT PERIOD ENDS ON MAY 25th. PART OF THE REPROPOSAL IN APRIL...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.