The Committee on Capital Markets Regulation submitted a letter today to the Speaker of the House, Paul Ryan and Democratic Leader, Nancy Pelosi on the FORM Act.  In the letter, the CCMR writes that Section 11 of the FORM Act would effectively eliminate the Fed’s ability to act in a future financial crisis because it would give regulatory agencies, like the CFPB, veto authority over any Fed loans to non-banks. It also explicitly precludes non-financial corporates from borrowing from the Fed, despite the fact that several non-financial corporates relied on such liquidity during the 2008 crisis.

A PDF of the letter can be read here.