- The Fed approves a final rule requiring 70 financial companies to pony up $440M annually for the cost of expanded central bank supervision.
- The Dodd-Frank act not only mandated new regulatory oversight of banks, it required the banks to pay for the expansion. The assessment applies only to those companies with more than $50B in assets.
- Relevant ETFs: XLF, IYF, PFI, VFH, RYF, RWW, FAS, UYG, FAZ, SKF, SEF, IAI, FXO, PSCF, KBWD, KBWB, IYG, FINU, FINZ.
Financials to bear cost of greater supervision
Aug 16 2013, 11:37 ET