The Financial Stability Oversight Council convened on March 20, 2025, to discuss various issues affecting the financial sector. Secretary Bessent outlined his priorities as Chairperson, emphasizing improvements in supervisory and regulatory frameworks. He urged member agencies to focus on material financial risks and supported efforts to eliminate reputational risk from supervisory criticism.
During the meeting, staff from the Treasury, Securities and Exchange Commission (SEC), and Office of Financial Research (OFR) presented updates on the Treasury market. The presentation covered market structure, liquidity, SEC’s central clearing rule for Treasury securities, and OFR’s data collection on non-centrally cleared bilateral repo transactions. Council members emphasized enhancing Treasury market resilience.
A briefing by Federal Reserve System staff addressed potential financial stability consequences of cyber incidents. It included monitoring strategies for cyber vulnerabilities and lessons from past incidents. Members discussed cyber-related risks and stressed the importance of interagency coordination.
Director Dwyer, Director Seitz, and Federal Insurance Office staff updated the Council on homeowners insurance amid recent natural disasters. Discussions focused on concerns about property insurance availability and costs impacting the housing market and broader financial system.
Attendees at the meeting included Scott K. H. Bessent (Secretary of the Treasury), Jerome H. Powell (Chair of the Federal Reserve System), Rodney E. Hood (Acting Comptroller of the Currency), Russell Vought (Acting Director of Consumer Financial Protection Bureau), Mark T. Uyeda (Acting Chairman of SEC), Travis Hill (Acting Chairman of FDIC), Caroline D. Pham (Acting Chairman of CFTC), William J. Pulte (Director of FHFA), Kyle S. Hauptman (Chairman of NCUA), Thomas Workman (Independent Member with Insurance Expertise), James Martin (non-voting member from OFR), Steven Seitz (non-voting member from Federal Insurance Office), Elizabeth K. Dwyer (non-voting member from Rhode Island Department of Business Regulation), Lise Kruse (non-voting member from North Dakota Department of Financial Institutions) and Melanie Lubin (non-voting member from Maryland Attorney General’s Securities Division).
Further details about the Council’s work can be found at http://www.fsoc.gov.
