24 In the U.S. case, the Financial Stability Oversight Council is a coordinating committee, with all of the principal regulators as members and the Secretary of the Treasury as chairman. Because the member regulatory agencies are independent, coordination among them – the function of the FSOC – is critical to the financial regulatory system’s success in addressing risks to financial stability.
The bills we are pushing are the following: (i) Financial Institutions Strategic Transfer, or FIST, which will allow banks to unload their nonperforming assets to asset management entities; (ii) Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery, or GUIDE, which will provide assistance to important distressed firms that are critical for economic recovery; (iii) Amendments to the Agri-Agra law, which will expand the list of industries that banks may lend to in order to meet quotas for support to agricultural development; 3/6  BIS central bankers' speeches  (iv) Amendments to the Credit Information System Act, to further enhance accessibility of credit to MSMEs; (v) Amendments to laws on deposit secrecy, to put more teeth to anti-money laundering and tax regulations, as well as to further improve good governance; and (vi) Financial Consumer Protection bill, to improve protection of consumers of financial products and services.