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Call to Order: Secretary of the Treasury Convenes Financial Stability Oversight Council Meeting

WASHINGTON ÔÇô Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury). The Council’s purpose is to discuss and address financial stability risks to the United States.

Monitoring International Market Developments

During the meeting, the Council heard an update from Federal Reserve staff on international market developments. This included an analysis of the outlook for global financial stability as well as the macroeconomic and financial conditions in China. The Council engaged in a comprehensive discussion on potential channels through which these developments could impact the U.S. financial system. It was highlighted that the U.S. financial system has demonstrated resilience to risks originating from overseas.

Analyzing Financial Stability Risks

In addition, the Council received an update from Treasury staff on the public comments received regarding the Council’s proposed analytic framework for financial stability risk identification, assessment, and response. Constructing an effective framework is crucial in order to promptly identify and mitigate potential risks to the U.S. financial system. The Council will carefully consider the public comments to enhance the final version of the framework.

Guidance for Nonbank Financial Companies

Furthermore, the Council was provided with an update on the public comments received regarding the proposed interpretive guidance concerning nonbank financial company determinations. This guidance aims to ensure appropriate oversight of nonbank financial institutions and the mitigation of risks they might pose to the U.S. financial system. The Council will continue to evaluate the input received to finalize the guidance.

Evaluating the Council’s Performance

The Council was also briefed on the development of its upcoming 2023 annual report, which will provide a comprehensive analysis of the current state of the U.S. financial system and outline potential risks and their corresponding mitigation measures.

Approving Budget and Meeting Minutes

During the meeting, the Council members voted to approve the fiscal year 2024 budget and the minutes of its previous meeting held on July 28, 2023. The approved budget allocates $14,186,569 for fiscal year 2024 expenditures, covering the Council secretariat at Treasury and the independent member specializing in insurance.

Attendees

The Council meeting was attended by the following members either in person at Treasury or virtually:

• Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council)
• Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System
• Michael J. Hsu, Acting Comptroller of the Currency
• Rohit Chopra, Director, Consumer Financial Protection Bureau
• Gary Gensler, Chair, Securities and Exchange Commission
• Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation
• Rostin Behnam, Chairman, Commodity Futures Trading Commission
• Sandra L. Thompson, Director, Federal Housing Finance Agency
• Todd M. Harper, Chairman, National Credit Union Administration (virtual)
• Thomas Workman, Independent Member with Insurance Expertise
• James Martin, Acting Director, Office of Financial Research (non-voting member)
• Steven Seitz, Director, Federal Insurance Office (non-voting member)
• Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of Business Regulation (non-voting member) (virtual)
• Adrienne A. Harris, Superintendent, New York State Department of Financial Services (non-voting member)
• Melanie Lubin, Securities Commissioner, Office of the Attorney General of Maryland, Securities Division (non-voting member)

For more information on the Council’s initiatives, current work, and the recently authorized budget and meeting minutes, please visit http://www.fsoc.gov.

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