Financial Stability Oversight Council to meet for first time Oct. 1
The Financial Stability Oversight Council, created in July by the signing of the Dodd-Frank Act, will host its first meeting Oct. 1 at the U.S. Treasury Department. For the first time, the council will provide a comprehensive oversight of the stability of the nation's financial system. The council's duties include identifying threats to the financial stability of the U.S., promoting market discipline by eliminating expectations on the part of shareholders and creditors that the government will shield them from any losses in the vent of failure and responding to emerging risks to the stability of the U.S. financial system. Members of the council include Tim Geithner (Treasury Secretary and chairman of the council), Ben Bernanke (chairman of the Board of Governors of the Fed), John Walsh (acting comptroller of the currency), Mary Schapiro (chairman of the SEC), Sheila Bair (chairman of the FDIC), Gary Gensler (chairman of the Commodity Futures Trading Commission), Edward DeMarco (director of the FHFA), Debbie Matz (chairman of the National Credit Union Administration), John Huff (director), William Haraf (commissioner), and David Massey (deputy securities administrator). Huff, Haraf and Massey are non-voting members. Write to Christine Ricciardi.