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Berkshire faces U.S. scrutiny on systemic risk: Bloomberg [January 23, 2014] (Reuters) — The U.S. risk council is looking to determine whether Warren Buffett's Berkshire Hathaway Inc <BRKa.N> could be systemically important, a tag that would subject it to stricter regulatory oversight, Bloomberg reported, citing two people familiar with the matter. |
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The U.S. Financial Stability Oversight Council's
(FSOC) study of Berkshire may not mean the panel is inclined to
designate the Omaha, Nebraska-based company, Bloomberg said.
(http://link.reuters.com/guh36v) Berkshire was not immediately available to comment, while the
U.S. Treasury declined to comment. The council, led by Treasury Secretary Jacob Lew, is evaluating
which non-bank financial companies could threaten financial
stability if they were to fail, Bloomberg reported. The council in July designated insurer American International
Group <AIG.N>, GE Capital <GE.N> and Prudential Financial Inc <PRU.N>
as systemically risky, thus bringing them under stricter
regulatory oversight. The risk council, which includes the heads of other financial
regulatory agencies, is a relatively new federal body that is
testing its powers under the 2010 Dodd-Frank financial reform
law. After a number of non-bank firms struggled during the 2007-2009
financial crisis, Dodd-Frank gave the regulatory council the
power to identify potentially risky non-bank firms and regulate
them more like banks. (Reporting by Avik Das in Bangalore; editing by Maju Samuel) [© 2014 Thomson Reuters. All rights reserved.] Copyright 2014 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
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