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Us financial stability oversight council

us financial stability oversight council

Yellen will preside over a meeting of the Financial Stability Oversight Council (Council) by videoconference. The meeting will consist of an executive session and a public session. The preliminary agenda for the executive session includes an update from the Council’s Hedge Fund Working Group; an update from the Council’s Climate-related Financial Risk Committee; the Council’s report being prepared in response to the Executive Order on Ensuring Responsible Development of Digital Assets; and the Office of Financial Research’s non-centrally cleared bilateral repo data collection.* The preliminary agenda for the public session includes the Council’s work related to climate-related financial risk.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Council to convene no less than quarterly, but the Council has historically convened on a more frequent basis.

Us financial stability oversight council

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On Thursday, July 28, U.S. Secretary of the Treasury Janet L. Yellen presided over a meeting of the Financial Stability Oversight Council (Council) by videoconference.

The Dodd-Frank Wall Street Reform and Consumer Protection Act requires the Council to convene no less than quarterly, but the Council has historically convened on a more frequent basis.

The meetings bring Council members together to discuss and analyze emerging market developments and financial regulatory issues. The Council is committed to conducting its business as openly and transparently as practicable, given the confidential supervisory and sensitive information at the center of its work.

Us financial stability oversight councils

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US financial system. This stage would involve evaluation of information submitted by the company.

As it has all along in the process, the FSOC will continue to confer with the relevant financial regulators during the designation determination process, and if it feels that the financial regulators have been able to adequately address the potential identified risks, the FSOC could discontinue its review before a determination is made.

If the FSOC votes by two-thirds of its members to issue a written notice of a Proposed Determination of a SIFI designation to the nonbank financial company, the FSOC will inform the company and the company’s financial regulator, and publish its non-confidential explanation for the issuance of the Proposed Determination.

The Council forms committees around its various statutory responsibilities and core issues that relate closely to risks where more than one agency has a significant interest.

The Council also maintains a small, independent staff to provide advice on statutory authorities and obligations, and to manage its document flow, records retention, and public records disclosure. This staff also includes policy experts to help coordinate the work of the committees and, where appropriate, complex inter‐agency rule makings, to support Council functions such as designations, and to draft reports to Congress.

Who serves on the FSOC?

The Council is made up of ten voting members and five nonvoting members.

  • What is the potential impact of such identified risk on the financial system as a whole, such as whether it would be broad-based across the markets, or more concentrated and are there current market practices or regulations that could mitigate the risk
  • Whether the adverse effects of such potential risk could impair the US financial system such that those effects could harm the US economy’s nonfinancial sector
  • Step Two

    If that analysis does produce a potential risk, then in Step Two, the FSOC will work with the relevant financial regulators to implement actions to address said potential risk, with the goal being for the financial regulators to take appropriate action to mitigate the risk, such as revising regulations or modifying their supervision of companies or markets.

    Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and public sessions by videoconference.

    During the executive session, the Council received an update from the Council’s staff-level Hedge Fund Working Group (HFWG) on its progress in developing a risk-monitoring framework, which is intended to inform the Council’s assessment of current and emerging risks to financial stability related to hedge fund activities. During the first half of 2022, the HFWG has made significant progress in developing its risk monitor, which draws on qualitative and quantitative information about hedge fund activities in financial markets.

    The Council’s study puts forward recommendations designed to effectively and comprehensively implement the Volcker Rule in a manner that constrains risk-taking by, and promotes the safety and soundness of, banking entities.

    The FSOC’s Report on the Concentration Limit on Large Financial Companies – January 18, 2011

    Section 622 of the Dodd-Frank Act established a financial sector concentration limit that prohibits a financial company from merging or consolidating with, or acquiring, another company if the resulting company’s consolidated liabilities would exceed 10 percent of the aggregate consolidated liabilities of all financial companies.

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    SIFIs). Our blog post on the proposed guidance from March 2019 may be found here.

    One of the primary purposes of the FSOC, established pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, and composed of federal and state financial services agencies (financial regulators), was: “to identify risks to the financial stability of the United States that could arise from the material financial distress or failure, or ongoing activities, of large, interconnected bank holding companies or nonbank financial companies, or that could arise outside the financial services marketplace.”

    Under the original guidelines first adopted in 2012 and later supplemented in 2015, between 2013 and 2014, the FSOC designated four nonbank financial companies as SIFIs, which designations were lifted in subsequent years.

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