Ms. Choi is an associate in Davis Polk's Financial Institutions Group. [Full Bio]

There are distinct, but subtle, shifts in tone in the FSOC’s 2017 Annual Report, especially when compared to previous annual reports and read together with three recent Treasury reports on financial regulatory reform, each of which touches on the role of the FSOC.[1] Taken as a whole, the 2017
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The Trump Treasury Department’s vision for how the FSOC should fulfill its mission is emerging.[1]  Ironically, this new, and we think better vision, may be closer to how the Obama Treasury Department originally conceived the FSOC’s role.  In essence, we read the implicit Treasury viewpoint to be that the over-focus
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