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Biden Officials to Target Nonbanks for Tougher Oversight

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WASHINGTON—The Biden administration is laying the groundwork to target nonbank firms with stricter federal oversight as regulators grow concerned about financial threats from companies operating outside of the tightly supervised banking system.The move from the Financial Stability Oversight Council, a panel of top regulators tasked with monitoring the stability of the financial system, would likely ease or repeal Trump-era restrictions that sought to limit the regulation of nonbanks, according to people familiar with the process.

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