Rep Cmte Financial Services
Committee to Receive Annual Report of the Financial Stability Oversight Council
Washington, Oct 4 -
Treasury Secretary Timothy Geithner will testify before the Financial Services Committee on Thursday about efforts to implement regulatory reforms and identify emerging threats to the nation’s financial stability.
Secretary Geithner will deliver to the Committee the annual report of the Financial Stability Oversight Council (FSOC), which was established by the Dodd-Frank Act to identify, monitor, and address potential threats to U.S. financial stability. The FSOC is composed of the Treasury Secretary, who serves as the chairman, the heads of eight federal financial regulatory agencies, and an independent member with insurance expertise. Along with these 10 voting members, the FSOC also has five non-voting members. The law requires the FSOC chairman to appear annually before the Financial Services Committee to report on the activities of the FSOC, significant market developments, and an assessment of those developments on the stability of the U.S. financial system.
Financial Services Committee Chairman Spencer Bachus said, “The FSOC was created more than a year ago as the systemic risk regulator of the financial system. Congress has a vital role in overseeing the progress of the Council to monitor potential threats to financial stability and coordinate efforts among the federal financial regulators. This is an opportunity for Congress to hear about the progress to date in harmonizing international regulatory reforms, the challenges facing the U.S. financial system, and the actions taken by the Council.”
The hearing will take place on Thursday, October 6 at 2 p.m. in room 2128 Rayburn.