SEC Chair Mary Jo White suggested the U.S. Financial Stability Oversight Council seek industry expertise before designating a financial institution as "systemically important."

"It is enormously important for the FSOC, before it makes any decision of any kind, to make sure it has the necessary expertise on any of those issues." White's remarks where made in a q-and-a session with ICI president Paul Schott Stevens at the institute's general membership meeting in Washington yesterday.

The FSOC was established under the Dodd-Frank Wall Street Reform and Consumer Protection Act in the wake of the financial crisis. The council is charged with the comprehensive monitoring of the U.S. financial system by identifying risks to financial stability, promoting market discipline, and responding to risks that arise.

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Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.