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Financial Stability Oversight Council Will Meet Oct. 1

Lora Bentley

Among other changes brought about by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the law also established the Financial Stability Oversight Council.

 

The idea for such a council emerged from legislators' perceptions that a "multiagency panel" responsible for overseeing and addressing systemic risk could have prevented the recent financial downturn from reaching the depths that it did. According to an announcement from the U.S. Treasury Department, the council's first meeting will take place Oct. 1 in Washington.

 

Council members Treasury Secretary Tim Geithner, Federal Reserve Chairman Ben Bernanke, Securities and Exchange Commission Chair Mary Schapiro and Federal Deposit Insurance Corporation President Sheila Bair, among others, are to identify threats to the country's financial stability, eliminate the expectation that the government will shield shareholders and creditors from loss and respond to emerging risks to the system.


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