Sean Duffy actually said...

So when there is a conflict between what the directive of Congress was and then its interpretation by the Fed, FSOC will go forward with the...

Per Dodd-Frank, a non-bank SIFI designation must meet the definition of 'predominantly engaged in a financial activity.'

Is it possible that FSOC will come out with its non-bank SIFI designations before the Fed submits its final rule and definition?

My concern is that the Fed's definition of 'predominantly engaged in financial activity' is going to cast potentially a far wider net.