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Commentary by Steven Lofchie

Eight of ten voting members of the Financial Stability Oversight Council ("FSOC") testified at a House Financial Services Committee oversight hearing on FSOC's agenda, operations and structure. In opening remarks, Representative Jeb Hensarling (R-TX) observed that FSOC has earned "bipartisan condemnation" through measures such as (i) its designation of non-bank financial institutions as "systemically important financial institutions" ("SIFIs") and (ii) its annual report, that was intended to identify emerging threats to financial stability, but "omit[ted] any references to specific government