Statement of Bill Hulse, Senior Vice President, Center for Capital Markets Competitiveness, U.S. Chamber of Commerce “Regulatory Whiplash: Examining the Impact of FSOC’s Ever-Changing Designation Framework on Innovation” Hearing before the House Financial

Chairman Hill, Ranking Member Lynch, and Members of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, thank you for this opportunity to testify today regarding the analytic framework and interpretive guidance for the designation of non-bank financial institutions recently adopted by the Financial Stability Oversight Council (FSOC or Council).