Close relationships between large financial institutions remain a threat to economic stability nearly five years after the 2008 financial crisis, according to the watchdog for the U.S. government’s bailout program.
The Financial Stability Oversight Council will “soon” vote on designations on an initial set of non-bank financial companies that will determine which are systemically important, U.S. Treasury Secretary Jacob J. Lew said in a statement.
Mary Miller, the U.S Treasury undersecretary for domestic finance, said the Financial Stability Oversight Council may vote “in the next few months” on whether to designate some companies systemically important.
Mary Miller, U.S. Treasury undersecretary for domestic finance, said efforts to repeal the Dodd-Frank law will hamper growth and urged international regulators to enhance the stability of the global banking system.
President Barack Obama is considering two Wall Street executives, Raymond J. McGuire, the head of advisory business at Citigroup Inc., and Orin Kramer, a general partner at Boston Provident LP, for deputy Treasury secretary, according to a person familiar with the matter.