(Bloomberg) -- Democratic and Republican lawmakers are cooperating on legislation that would lift some of the secrecy around the U.S. council that decides which companies pose the biggest risks to the financial system.

The proposed legislation, drafted with help from the main lobbying group for mutual funds, would require the Financial Stability Oversight Council to give firms early notice that they could be designated systemically important -- a status that puts them under Federal Reserve oversight in an effort to dispel any perception they are “too big to fail.”

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