One of the US' top banking regulators complained Tuesday about an ongoing financial regulation turf war.
Michael Piwowar, a commissioner at the Securities and Exchange Commission, riffed on names for the Financial Stability Oversight Council, variously calling it the "Firing Squad on Capitalism," the "Vast Left-Wing Conspiracy to Hinder Capital Formation" and the "Unaccountable Capital Markets Death Panel," he said in a speech before the American Enterprise Institute.
The FSOC, which is chaired by Treasury Secretary Jacob Lew, was set up through the Dodd-Frank financial protection act after regulators failed to identify the risks that cratered the world economy.
Its members include SEC head Mary Jo White and other regulators, like Consumer Financial Protection Bureau chief Richard Cordray.
Piwowar's gripe centers on proposed rules to regulate non-banking companies like asset managers, he said in his speech.
That should be the SEC's job, he argues.
Piwowar, a Republican commissioner who was appointed by President Obama, isn't the first Republican to complain about the council.
Earlier this year, SEC Commissioner Daniel Gallagher said that FSOC's attempts to regulate asset managers were "misguided."
Suzanne Elio, a spokeswoman for the FSOC, declined to comment directly on Piwowar's remarks.
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