Financial Stability Oversight Council
From ACT Wiki
The Financial Stability Oversight Council was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) for three main purposes:
- To identify risks to the financial stability of the United States that could arise from the financial distress or failure, or ongoing activities, of large, interconnected bank holding companies or non-bank financial companies, or that could arise outside the financial services marketplace.
- To promote market discipline, by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the US government will shield them from losses in the event of failure.
- To respond to emerging threats to the stability of the US financial system.