Top US financial officials unveiled a proposal for non-bank firms to face a higher bar for regulators to potentially tag them as too-big-to-fail.
The Financial Stability Oversight Council voted on Wednesday to scale back a Biden-era framework for designating hedge funds and investment companies as systemically important. That tag, which can bring significant compliance costs and place firms under Federal Reserve supervision, has mostly been applied to large Wall Street banks since its introduction more than a decade ago.
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