While other regulators busily check off implementation goals set by last year's financial reform law, the new body charged with limiting threats to the financial system is getting lost in the shuffle.
The Financial Stability Oversight Council, created by the new law to spot systemic risks, has hardly any accomplishments to claim since its inception. The council has made early steps related to initiatives in the Dodd-Frank Act to curb banks' proprietary trading and classify certain firms as "systemically important." But it has yet to seal the deal on anything, leading some to question if it is more relevant than informal policy groups that predate it.
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