The Financial Stability Oversight Council (FSOC) in the US issued new guidance amid financial stability risks for non-bank firms, the Treasury Department said Friday.

The proposed actions aim to enhance the FSOC's ability to address financial stability risks and ensure a transparent process, it said.

The guidance also is intended to provide greater transparency to the public about how the FSOC identifies potential risks to American financial stability, it added.

"Today's proposals are important to ensuring the Council has a rigorous approach to identify, assess, and address risks to our financial system," Treasury Secretary Janet Yellen said in a statement.

"The Council remains committed to public transparency regarding its work, and today's proposals would make us better equipped to handle risks to the financial system, whether they come from activities or firms," she added.

Source: Anadolu Agency