The U.S. Chamber of Commerce’s (“the Chamber”) Center for Capital Markets Competitiveness appreciates the opportunity to comment on the above-captioned proposals released by the Financial Stability Oversight Council (“FSOC” or “Council”). The Chamber supports FSOC’s close adherence to Congress’s mandate in Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).
Historically, the Chamber strongly supported FSOC’s mission of addressing risks to U.S. financial stability through the activities-based approach formalized in the Council’s 2019 Guidance. That approach reached an appropriate balance between protecting U.S. financial stability and ensuring due process for nonbank financial companies. Unfortunately, the Chamber cannot support FSOC’s two interconnected proposals (the “Proposals”) that reverse the progress made in the 2019 Guidance and ignore the lessons learned from the 2016 MetLife decision.