Of the many unresolved questions of the financial crisis, the questions surrounding how best to mitigate systemic risk may well be the most abtruse.

While the Dodd-Frank Act birthed the Financial Stability Oversight Council (FSOC), which is tasked with developing criteria to identify and designate systemically important non-bank financial institutions (SIFIs) for heightened supervision by the Federal Reserve, the question is far from settled.

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