Twenty-nine Republican congressmen wrote to Federal Reserve Vice Chairman for Supervision Randal Quarles urging him to exercise the Fed’s discretionary authority to remove financial institutions with $250 billion or less in assets from federal regulators’ list of systemically-important financial institutions per the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155).
Referencing comments by Quarles earlier in the year asserting that entities at or below that asset level generally do not present a systemic risk to the economy, the congressmen urged Quarles to no longer subject them to heightened supervisory requirements that come with a SIFI designation.
Find out more details about the letter from the congressmen and the remarks by Quarles it references.