The U.S. Treasury Department made a series of recommendations in its recent report including highlighting opportunities for insurance regulatory reform.
Long-running vacancies have become more common at independent financial regulatory agencies charged with overseeing the financial system.
Amid the uncertainty of timing, Trump’s appointments will have a major impact on the future of the post-crisis financial regulatory structure.
The legislation would create a new office that would be both less powerful, and in some ways more independent, than the two entities it would succeed.
The proposal would raise the regulatory burden on the eight most systemically important U.S. banks, especially compared to the large regional banks.
Insurance companies had been regulated almost exclusively by state insurance departments until Dodd-Frank, which created FSOC’s designation authority.
The case strengthens the ability of regional Federal Reserve Banks to independently decide whether marijuana businesses will have access to the financial system.