US working to restore capacity to designate non-bank finance institutions as systemic, Yellen says

U.S. Treasury Secretary Janet Yellen said on Wednesday that her department was working to restore the Financial Stability Oversight Council's (FSOC) ability to designate non-bank financial institutions as systemically important.

Yellen, speaking at a hearing of the U.S. Senate's Appropriations Subcommittee on Financial Services and General Government, said the Treasury Department was working with FSOC on drafting revised guidance that would restore such designations.