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2011 FSOC Annual Report

2011 FSOC Annual Report

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Financial StabilityOversight Council
2011 Annual Report
 
Financial Stability Oversight Council
 The Financial Stability Oversight Council (Council) was established by the Dodd-Frank WallStreet Reorm and Consumer Protection Act (Dodd-Frank Act) and is charged with three primarypurposes:
1.
 To identiy risks to the nancial stability o the United States that could arise rom thematerial nancial distress or ailure, or ongoing activities, o large, interconnected bankholding companies or nonbank nancial companies, or that could arise outside thenancial services marketplace.
2.
 To promote market discipline, by eliminating expectations on the part o shareholders,creditors, and counterparties o such companies that the U.S. government will shield themrom losses in the event o ailure.
3.
 To respond to emerging threats to the stability o the U.S. nancial system.Pursuant to the Dodd-Frank Act, the Council consists o 10 voting members and 5 nonvotingmembers and brings together the expertise o ederal nancial regulators, state regulators, andan insurance expert appointed by the President.
The voting members are:
•
the Secretary o the Treasury, who serves as the Chairperson o the Council;
•
the Chairman o the Board o Governors o the Federal Reserve System;
•
the Comptroller o the Currency;
•
the Director o the Bureau o Consumer Financial Protection;
•
the Chairman o the Securities and Exchange Commission;
•
the Chairperson o the Federal Deposit Insurance Corporation;
•
the Chairperson o the Commodity Futures Trading Commission;
•
the Director o the Federal Housing Finance Agency;
•
the Chairman o the National Credit Union Administration Board; and
•
an independent member with insurance expertise who is appointed by the President andconrmed by the Senate or a six-year term.
The nonvoting members, who serve in an advisory capacity, are:
•
the Director o the Oce o Financial Research;
•
the Director o the Federal Insurance Oce;
•
a state insurance commissioner designated by the state insurance commissioners;
•
a state banking supervisor designated by the state banking supervisors; and
•
a state securities commissioner (or ocer perorming like unctions) designated by thestate securities commissioners. The state insurance commissioner, state banking supervisor, and state securities commissionerserve two-year terms.

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