I believe that the Financial Stability Oversight Council (FSOC) should designate any nonbank financial company if the FSOC determines that material financial distress at the nonbank financial company... could pose a threat to the financial stability of the United States.
Bernanke emphasizes the criteria for designating nonbank financial companies as systemically significant.
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The sizes of deficits and debt matter, of course, but not all tax and spending programs are created equal with respect to their effects on the economy.
I absolutely agree with Dr. Paul that the Federal Reserve needs to be transparent and it needs to be accountable.
If it doesn't achieve the objective of eliminating too-big-to-fail, I think we ought to come back and decide or ask Congress whether they might take additional steps.
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