 3rd FSOC Meeting (January 18, 2011) | |
| Agency overview | |
|---|---|
| Formed | July 21, 2010 |
| Jurisdiction | United States Government |
| Website | home |
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 Office of Financial Research is intended to provide support to the council.
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.[2]
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 Consumer Financial Protection Bureau if those rules would threaten financial stability.
- ^ "Bill Summary & Status – 111th Congress (2009–2010) – H.R.4173 – All Information – THOMAS (Library of Congress)". Library of Congress. Archived from the original on August 19, 2014. Retrieved July 22, 2010.
- ^ Stupak, Jeffrey M. (February 12, 2018). Financial Stability Oversight Council (FSOC): Structure and Activities (PDF). Washington, DC: Congressional Research Service. Archived (PDF) from the original on 5 June 2018. Retrieved 27 February 2018.