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Financial Stability Oversight Council
The Financial Stability Oversight Council (FSOC) was created by the Dodd-Frank Act(DFA) in 2010 as part of a comprehensive reform of banking and securities market regulators. The council is charged with monitoring systemic risk in the financial system and coordinating several federal financial regulators. The FSOC is expected to facilitate communication among existing financial regulators intending to identify sources of financial instability that cross agency regulatory jurisdiction, or that reside in gaps in the financial regulatory framework. This book describes the mission, membership, and scope of the FSOC with its focus on establishing a framework for mitigating systemic risk.
Financial Stability Oversight Council and Office of Financial Research
The 2007-2009 financial crisis focused attention on weaknesses in the U.S. regulatory structure, including the lack of an agency or mechanism responsible for monitoring and addressing risks across the financial system and a shortage of timely information to facilitate that oversight. In response to the crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among many other things, the act established the Financial Stability Oversight Council to monitor the stability of the U.S. financial system and take actions to mitigate risks that might destabilize the system. This book provides an overview of elements and assessments of the council.
Financial Stability Oversight Council and Office of Financial Research
The 2007-2009 financial crisis focused attention on weaknesses in the U.S. regulatory structure, including the lack of an agency or mechanism responsible for monitoring and addressing risks across the financial system and a shortage of timely information to facilitate that oversight. In response to the crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in July 2010, which provided a broad range of regulatory reforms. Among many other things, the act established the Financial Stability Oversight Council (FSOC) to monitor the stability of the U.S. financial system and take actions to mitigate risks that might destabilize the system. This book provides an overview of elements and assessments of the Financial Stability Oversight Council and Office of Financial Research with a focus on Frequently Asked Questions.
Financial Stability Oversight Council
FINANCIAL STABILITY OVERSIGHT COUNCIL: Further Actions Could Improve the Nonbank Designation Process
Financial Stability Oversight Council
FINANCIAL STABILITY OVERSIGHT COUNCIL: Status of Efforts to Improve Transparency, Accountability, and Collaboration
Financial Stability Oversight Council, Further Actions Could Improve the Nonbank Designation Process
" FSOC has authority to designate systemically important nonbank financial companies for enhanced supervision by the Board of Governors of the Federal Reserve System. GAO was asked to review these designations because they may have significant implications for the companies as well as the stability of the financial system. This report examines how FSOC has managed the designation process to date and the extent to which FSOC's process has been transparent and systematic, among other objectives. GAO analyzed FSOC documents, including the final rule and guidance on the designation process, bylaws, and nonpublic documentation supporting determination decisions. GAO also collected data about FSOC members' participation in determination evaluations and interviewed FSOC staff, FSOC members and their staffs, officials of evaluated companies, and external stakeholders, including industry groups. "
The Federal Reserve System Purposes and Functions
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
