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The Financial Stability Oversight Council could determine that a broad range of mortgage companies should be subject to “heightened prudential standards,” said Andrew Olmem, a partner at Mayer Brown and a former senior economic adviser to the White House.
Businesses. and in my role at fsoc and working with the different regulators, i would make sure that we did what we could to have proper regulation but eliminate overlap as well as make sure that the banks are lending to small and medium-sized businesses and we don't end up with a world where we only have four big banks in this country. >> thank you. you actually led right into my next question, because in a very closely-related matter, as you know, as the secretary of treasury, you'll have a very important role as the chairperson of fsoc. in my view, fsoc has focused on -- very heavily focuse...
Statutory language, advise congress and make recommendation in such areas that will enhance the integrity, efficiency, competitiveness and stability of u.s. financial markets. today, frankly, i'm not aware of fsoc fulfilling that role. we don't get a lot of advice from fsoc. we get a lot of directive in the country. will you pledge as the chairperson of fsoc that you will ensure that the council considers ways to make the u.s. financial markets more efficient and then advise and work with congress to achieve those outcomes? >> i absolutely will, senator. and let me just comment on, for instanc...
Deliberate act. the securities and exchange commission said it held a conference call with stock market officials soon after the nasdaq outage began and continued as nasdaq tried to work out the problem. an fbi spokesperson for the new york field office tells fbn they are aware of the issue and the nasdaq but have no further comment. treasury secretary jack lue is the chair of the financial stability oversight counsel, the dodd frank regulatory overhaul created the fsoc. lou is in -- lew is in silicon valley. >> we're monitoring very closely what he says about this. all the key economic author...