Financial Stability Oversight Council | |
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3rd FSOC Meeting (January 18, 2011) | |
Agency overview | |
Formed | July 21, 2011 |
Jurisdiction | United States Government |
Agency executives | Timothy Geithner, FSOC Chairperson & Secretary of the Treasury Ben Bernanke, FRB Chairman John Walsh, Acting Comptroller of the Currency Mary Schapiro, SEC Chairman Sheila Bair, FDIC Chairperson Gary Gensler, CFTC Chairman Edward DeMarco, FHFA Director Debbie Matz, NCUA Chairman |
Website | |
Treasury.gov/FSOC |
The Financial Stability Oversight Council (FSOC) is a United States Federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act, which was signed into law by President Barack Obama on July 21, 2010.[1] The Dodd-Frank Act provides the Council with broad authorities to identify and monitor excessive risks to the U.S. financial system arising from the distress or failure of large, interconnected bank holding companies or non-bank financial companies, or from risks that could arise outside the financial system; to eliminate expectations that any American financial firm is "too big to fail"; and to respond to emerging threats to U.S. financial stability. The Act also designates the Secretary of the Treasury as Chairperson. Inherent to the FSOC's role as a consultative council is facilitation of communication among financial regulators. The FSOC has the authority to set aside certain financial regulations published by the Bureau of Consumer Financial Protection if those rules would threaten financial stability.
Contents |
The Financial Stability Oversight Council has ten voting members:[2]
There are five non-voting members:
On July 26, 2011, the First Annual Financial Stability Oversight Council Report [3] was issued by the Council fulfilling the Congressional mandate to report on the activities of the Council. The Report is intended to describe significant financial market and regulatory developments, analyze potential emerging threats, and make certain recommendations. The July 26, 2011 report warned that the United States faces potential losses connected with the European debt crisis. [4]