§5321 Financial Stability Oversight Council Established

Summary

Creates the Financial Stability Oversight Council effective July 21, 2010. The Council has 10 voting members: the Secretary of the Treasury (who is the Chair), the Chair of the Board of Governors of the Federal Reserve, the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau, the Chair of the Securities and Exchange Commission, the Chair of the Federal Deposit Insurance Corporation, the Chair of the Commodity Futures Trading Commission, the Director of the Federal Housing Finance Agency, the Chair of the National Credit Union Administration, and one independent member with insurance expertise who is appointed by the President and confirmed by the Senate. It also has five nonvoting advisers: the Director of the Office of Financial Research, the Director of the Federal Insurance Office, one state insurance commissioner, one state banking supervisor, and one state securities commissioner (or similar official), with the state people chosen by their peers. Nonvoting members may join all meetings and discussions, but the Chair can have them left out if the member agencies vote to protect confidential supervisory information. The independent member serves a 6-year term. Each state-designated nonvoting member serves 2 years. Vacancies are filled the same way the person was first chosen. Acting heads fill in when an agency leader is absent. If no successor to the independent member is confirmed, that member may stay up to 18 months after their term ends or until a successor is confirmed, whichever comes first. The Council can create advisory or technical committees, including ones of state regulators. It must meet when the Chair or a majority calls a meeting, and at least once every quarter. The Council makes decisions by a majority of the voting members and sets rules for how it runs. Federal agencies may give staff, money, or other help. Members who are federal employees get no extra pay beyond their regular government salary. Federal employees can be detailed to the Council without losing their jobs and keep paid by their home agency.