US Treasury Secretary Yellen stated on Friday that after months of discussion, senior officials voted on a new framework for defining systemically important financial institutions. Being labeled "too big to fail" carries significant compliance costs and regulatory challenges, and since it was introduced over a decade ago, this label has mainly been applied to large Wall Street banks. Yellen did not name which institutions would be subject to stricter regulation. However, this new process could result in some non-bank financial companies being subject to stricter regulation. Yellen stated that "strong procedural protections will be provided for companies undergoing evaluation, including important committee involvement and communication, and opportunities to hear these companies' opinions." She also stated that the highest regulatory body will vote to issue a new "financial stability risk analysis framework" to better explain how it assesses and addresses potential risks.