The top Republicans on the Senate Banking Committee called on the Treasury Department Tuesday to end the policy of designating non-bank financial companies as Too Big To Fail.

In a letter sent Tuesday, Senator Tom Cotton and nine other Republican Senators urged Treasury Secretary Steven Mnuchin to “use the all tools available” to reverse the Obama administration’s policy of having a federal council designate non-bank financial companies as “systemically important financial institutions,” a designation that brings with it stringent supervision by the Federal Reserve, new capital requirements, and costly regulatory burdens.

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