FSCC says the FSOC and the FSB are both kinds of UCs. Excerpt below is from remarks by Financial Services Committee Chairman Jeb Hensarling given on March 17, 2015 at the International Financial System Hearing (available here):
“…FSOC is especially concerning because among other matters it seemingly takes direction from the FSB, the Financial Stability Board. Again, a fairly secretive, unaccountable coalition of global bureaucrats that has found in FSOC a conduit to export its views on regulations and risk models to the United States. Just as one-size-fits-all mandates imported from Washington typically do more harm than good, the U.S. economy does not need a one-world view of risk imported from Europe. We tried that with Basel; think Greek sovereign debt and Fannie and Freddie mortgage backed securities. We know where that got us.
Yet FSOC has seemingly rubber-stamped decisions made by this international board when it comes to deciding whether large U.S. non-bank financial institutions should be designated as too big to fail. This does not appear to be coordination; it appears to be capitulation. Since today’s SIFI designations are tomorrow’s taxpayer-funded bailouts, this has potentially disastrous consequences for the American people.
The imposition of one global standard of financial regulation by this administration will undoubtedly harm American innovation and American economic growth. It can impinge on U.S. sovereignty and bypass the constitutional check and balance of the United States Congress….”