FSOC vote on nonbank "SIFIs" is expected soon, Lew says

05/21/2013 | National Underwriter Life & Health

Insurers could be among the companies that would face Federal Reserve oversight and stricter prudential standards after the Financial Stability Oversight Council votes on the designations of systemically important nonbank firms. Treasury Secretary Jack Lew wouldn't specify a schedule for such a vote, but said he has "stepped on the accelerator" regarding implementation of the Dodd-Frank Act. "My role is to make sure we don't measure our progress in months and years but we measure in weeks and months," Lew said.

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