Mnuchin says will take on 'orderly liquidation' after FSOC reportWASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin on Friday said he expects to publish a much-anticipated review of the Financial Stability Oversight Council (FSOC) ahead of a review of special rules that would allow regulators to step in and unwind a troubled lender.  The FSOC comprises the country’s major financial regulators and oversees the designation of large financial firms as systemically important, a process banks have criticized as too opaque.  The “orderly liquidation authority” or OLA, introduced by the 2010 Dodd-Frank financial reform law, gives U.S. regulators the power to step in and liquidate a troubled bank instead of putting it through a traditional bankruptcy. Many Republicans say OLA powers are excessive, while many leaders of the banking industry defend the powers. politicsNews
mnuchin says take liquidation soc reportwashington reuters treasury secretary steven mnuchin friday said expects publish review financial stability oversight council soc ahead review special rules would allow regulators step wind troubled lender the soc comprises country major financial regulators oversees designation large financial firms systematically important process banks criticized opaque the orderly liquidation authority ola introduced financial reform law gives regulators power step liquidated troubled bank instead putting traditional bankruptcy many republicans say ola powers excessive many leaders banking industry defend powers politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Mnuchin says will take on 'orderly liquidation' after FSOC reportWASHINGTON (Reuters) - U.S. Treasury Secretary Steven Mnuchin on Friday said he expects to publish a much-anticipated review of the Financial Stability Oversight Council (FSOC) ahead of a review of special rules that would allow regulators to step in and unwind a troubled lender.  The FSOC comprises the country’s major financial regulators and oversees the designation of large financial firms as systemically important, a process banks have criticized as too opaque.  The “orderly liquidation authority” or OLA, introduced by the 2010 Dodd-Frank financial reform law, gives U.S. regulators the power to step in and liquidate a troubled bank instead of putting it through a traditional bankruptcy. Many Republicans say OLA powers are excessive, while many leaders of the banking industry defend the powers. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: mnuchin says take liquidation soc reportwashington reuters treasury secretary steven mnuchin friday said expects publish review financial stability oversight council soc ahead review special rules would allow regulators step wind troubled lender the soc comprises country major financial regulators oversees designation large financial firms systematically important process banks criticized opaque the orderly liquidation authority ola introduced financial reform law gives regulators power step liquidated troubled bank instead putting traditional bankruptcy many republicans say ola powers excessive many leaders banking industry defend powers politicsnews