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THE FINANCIAL STABILITY BOARD’S IMPLICATIONS FOR U.S. GROWTH AND COMPETITIVENESS HEARING BEFORE THE SUBCOMMITTEE ON MONETARY POLICY AND TRADE OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED FOURTEENTH CONGRESS SECOND SESSION SEPTEMBER 27, 2016 Printed for the use of the Committee on Financial Services Serial No. 114–106 ( U.S. GOVERNMENT PUBLISHING OFFICE 25–966 PDF WASHINGTON : 2017 For sale by the Superintendent of Documents, U.S. Government Publishing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 K:\DOCS\25966.TXT TERI HOUSE COMMITTEE ON FINANCIAL SERVICES JEB HENSARLING, Texas, Chairman PATRICK T. MCHENRY, North Carolina, MAXINE WATERS, California, Ranking Vice Chairman Member PETER T. KING, New York CAROLYN B. MALONEY, New York EDWARD R. ROYCE, California NYDIA M. VELA´ ZQUEZ, New York FRANK D. LUCAS, Oklahoma BRAD SHERMAN, California SCOTT GARRETT, New Jersey GREGORY W. MEEKS, New York RANDY NEUGEBAUER, Texas MICHAEL E. CAPUANO, Massachusetts STEVAN PEARCE, New Mexico RUBE´ N HINOJOSA, Texas BILL POSEY, Florida WM. LACY CLAY, Missouri MICHAEL G. FITZPATRICK, Pennsylvania STEPHEN F. LYNCH, Massachusetts LYNN A. WESTMORELAND, Georgia DAVID SCOTT, Georgia BLAINE LUETKEMEYER, Missouri AL GREEN, Texas BILL HUIZENGA, Michigan EMANUEL CLEAVER, Missouri SEAN P. DUFFY, Wisconsin GWEN MOORE, Wisconsin ROBERT HURT, Virginia KEITH ELLISON, Minnesota STEVE STIVERS, Ohio ED PERLMUTTER, Colorado STEPHEN LEE FINCHER, Tennessee JAMES A. HIMES, Connecticut MARLIN A. STUTZMAN, Indiana JOHN C. CARNEY, JR., Delaware MICK MULVANEY, South Carolina TERRI A. SEWELL, Alabama RANDY HULTGREN, Illinois BILL FOSTER, Illinois DENNIS A. ROSS, Florida DANIEL T. KILDEE, Michigan ROBERT PITTENGER, North Carolina PATRICK MURPHY, Florida ANN WAGNER, Missouri JOHN K. DELANEY, Maryland ANDY BARR, Kentucky KYRSTEN SINEMA, Arizona KEITH J. ROTHFUS, Pennsylvania JOYCE BEATTY, Ohio LUKE MESSER, Indiana DENNY HECK, Washington DAVID SCHWEIKERT, Arizona JUAN VARGAS, California FRANK GUINTA, New Hampshire SCOTT TIPTON, Colorado ROGER WILLIAMS, Texas BRUCE POLIQUIN, Maine MIA LOVE, Utah FRENCH HILL, Arkansas TOM EMMER, Minnesota SHANNON MCGAHN, Staff Director JAMES H. CLINGER, Chief Counsel (II) VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 K:\DOCS\25966.TXT TERI SUBCOMMITTEE ON MONETARY POLICY AND TRADE BILL HUIZENGA, Michigan, Chairman MICK MULVANEY, South Carolina, Vice GWEN MOORE, Wisconsin, Ranking Member Chairman BILL FOSTER, Illinois FRANK D. LUCAS, Oklahoma ED PERLMUTTER, Colorado STEVAN PEARCE, New Mexico JAMES A. HIMES, Connecticut LYNN A. WESTMORELAND, Georgia JOHN C. CARNEY, JR., Delaware MARLIN A. STUTZMAN, Indiana TERRI A. SEWELL, Alabama ROBERT PITTENGER, North Carolina PATRICK MURPHY, Florida LUKE MESSER, Indiana DANIEL T. KILDEE, Michigan DAVID SCHWEIKERT, Arizona DENNY HECK, Washington FRANK GUINTA, New Hampshire MIA LOVE, Utah TOM EMMER, Minnesota (III) VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 K:\DOCS\25966.TXT TERI VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 K:\DOCS\25966.TXT TERI C O N T E N T S Page Hearing held on: September 27, 2016 .......................................................................................... 1 Appendix: September 27, 2016 .......................................................................................... 21 WITNESSES TUESDAY, SEPTEMBER 27, 2016 Bergner, Jonathan, Assistant Vice President for Federal Policy, National As- sociation of Mutual Insurance Companies (NAMIC) ........................................ 9 McDowell, Carter, Managing Director and Associate General Counsel, the Securities Industry and Financial Markets Association (SIFMA) ................... 6 Stanley, Marcus, Policy Director, Americans for Financial Reform .................... 7 Stevens, Paul Schott, President and Chief Executive Officer, the Investment Company Institute (ICI) ...................................................................................... 4 APPENDIX Prepared statements: Bergner, Jonathan ............................................................................................ 22 McDowell, Carter .............................................................................................. 29 Stanley, Marcus ................................................................................................ 43 Stevens, Paul Schott ........................................................................................ 49 ADDITIONAL MATERIAL SUBMITTED FOR THE RECORD Huizenga, Hon. Bill: Written statement of the American Council of Life Insurers ....................... 73 Written statement of the Property Casualty Insurers Association of America .......................................................................................................... 76 (V) VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00005 Fmt 5904 Sfmt 5904 K:\DOCS\25966.TXT TERI VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00006 Fmt 5904 Sfmt 5904 K:\DOCS\25966.TXT TERI THE FINANCIAL STABILITY BOARD’S IMPLICATIONS FOR U.S. GROWTH AND COMPETITIVENESS Tuesday, September 27, 2016 U.S. HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON MONETARY POLICY AND TRADE, COMMITTEE ON FINANCIAL SERVICES, Washington, D.C. The subcommittee met, pursuant to notice, at 2 p.m., in room 2128, Rayburn House Office Building, Hon. Bill Huizenga [chair- man of the subcommittee] presiding. Members present: Representatives Huizenga, Mulvaney, Pearce, Pittenger, Schweikert, Guinta; Moore, Foster, Himes, Murphy, and Heck. Chairman HUIZENGA. The Subcommittee on Monetary Policy and Trade will come to order. Without objection, the Chair is author- ized to declare a recess of the subcommittee at any time. Today’s hearing is entitled, ‘‘The Financial Stability Board’s Im- plications for U.S. Growth and Competitiveness.’’ Just for notification, they have called votes. We are going to keep an eye on this. We are going to try to get as far as we can. We will do some opening statements here of the two members and we will kind of be assessing our timing. And then, we would just ask for members and for staff who are with members to try to get peo- ple back here as soon as possible right after votes and we will con- tinue. So, with that, I now recognize myself for 5 minutes to give an opening statement. The 2007–2008 financial crisis and subsequent global economic turmoil underscored the interconnectedness of the global financial system as well as its weaknesses. Following the crisis, leaders from the United States and other countries have pursued a wide range of reforms to the international financial regulatory system. In 2009, the Group of 20, or G20, created the Financial Stability Board (FSB) as a group of finance ministers, central bankers, and financial regulators tasked with promoting international financial stability. Primary U.S. representatives to the FSB are the Board of Governors of the Federal Reserve System, the Securities and Ex- change Commission, and the Treasury Department. The FSB is charged with a very broad mandate to address vulnerabilities af- fecting the global financial system and to develop and promote im- (1) VerDate Nov 24 2008 12:19 Nov 17, 2017 Jkt 025966 PO 00000 Frm 00007 Fmt 6633 Sfmt 6633 K:\DOCS\25966.TXT TERI 2 plementation of effective supervisory and regulatory policies pro- moting financial stability. According to the FSB, while its decisions are not legally binding on its members, ‘‘The organization operates by moral suasion and peer pressure in order to set internationally agreed-upon policies and minimum standards that its members commit to implementing at national level.’’ However, to ensure domestic implementation of FSB standards, the FSB has adopted measures to pressure juris- dictions to comply with these criteria. Since 2008, the FSB has aggressively designated large banks and insurers as global systemically important financial institutions, or G-SIFIs. In fact, in July of 2013, the FSB designated nine large in- surance groups as G-SIFIs, including three from the United States: American International Group; Prudential Financial; and MetLife, Incorporated. Shortly thereafter, the Financial Stability Oversight Council (FSOC) appeared to rubber-stamp the FSB’s decision and named AIG, Prudential, and MetLife as SIFIs. Although the AIG decision was expected by many, since the com- pany had famously been bailed out by the Treasury and the Fed- eral Reserve during the financial crisis, it is unclear as to why Pru- dential and MetLife were deemed SIFIs. If the FSOC SIFI designa- tion has any validity, it must have the ability to act independently, meaning without interference from international regulatory enti- ties, and describe how each decision was reached. For example, the Prudential decision was the first designation of a nonbank financial institution as a SIFI, although the firm had not yet suffered any significant financial distress during the finan- cial crisis. However, the available evidence indicates that rather than exercising its own independent judgment about SIFI designa- tions and other regulatory initiatives, the FSOC, led by the Treas- ury and the Federal Reserve, instead outsourced its regulatory au- thority to the FSB. It is very troubling
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