U.S. financial regulators meet next week, discuss systemically important firms

A Wall Street sign outside the New York Stock Exchange

WASHINGTON (Reuters) – The Financial Stability Oversight Council, made up of the heads of the U.S. financial regulatory agencies, will meet on March 2, according to a notice from the Treasury Department on Thursday.

The preliminary agenda for the first FSOC meeting called by newly confirmed Treasury Secretary Steve Mnuchin includes “an update on the annual re-evaluation of the designation of a non-bank financial company,” according to the announcement.

Under the 2010 Dodd-Frank Wall Street reform law, the council has the authority to designate insurance companies and other non-banking firms as “systemically important,” a label indicating that they are considered “too big to fail” and triggering additional oversight.

(Reporting by Lisa Lambert; Editing by Leslie Adler)