During a hearing on oversight of the Financial Stability Oversight Council, Republicans on the House Financial Services Committee called for transparency and singled out regulators on non-bank Systemically Important Financial Institution designations of insurance companies.
In a call for transparency, committee Chairman Jeb Hensarling (R-Texas) in his opening statement called the FSOC a shadow regulatory system that holds secretive government meetings, applies arbitrary rules and has unchecked power to punish or reward.
"Thus, oversight and reform is paramount," he said.
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