FSOC

Financial Stability Oversight Council

Financial Stability Oversight Council
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. Dodd-Frank 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 , 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.

Organization

The Financial Stability Oversight Council has ten voting members:

1. Secretary of the Treasury (chairs the Council)
2. Chairman of the Federal Reserve
3. Comptroller of the Currency
4. Director of the Bureau of Consumer Financial Protection
5. Chairperson of the U.S. Securities and Exchange Commission
6. Chairperson of the Federal Deposit Insurance Corporation
7. Chairperson of the Commodity Futures Trading Commission
8. Director of the Federal Housing Finance Agency
9. the Chairman of the National Credit Union Administration Board
10. an independent member (with insurance expertise), appointed by the President, with the advice and consent of the Senate, for a term of 6 years.

There are five non-voting members:

1. Director of the Office of Financial Research (part of the Treasury Department and established by the Dodd-Frank Act) who is the Council's executive director
2. Director of the (part of the Treasury Department and established in this Act)
3. a state insurance commissioner, to be designated by a selection process determined by the state insurance commissioners (2-year term)
4. a state banking supervisor, to be designated by a selection process determined by the state banking supervisors (2-year term)
5. a state securities commissioner (or officer performing like function) to be designated by a selection process determined by such state security commissioners (2-year term)

See also

Authorities

Activities

References

1. "Bill Summary & Status - 111th Congress (2009 - 2010) - H.R.4173 - All Information - THOMAS (Library of Congress)". Library of Congress. http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04173:@@@L&summ2=m&#major%20actions. Retrieved July 22, 2010.
2. H.R. 4173, § 111

External links

• Bylaws
• Integrated Implementation Roadmap
• Transparency Policy
• Frequently Asked Questions
• Committee Structure

Retrieved from : http://en.wikipedia.org/wiki/Financial_Stability_Oversight_Council