U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) on September 20, 2024, in executive session via videoconference.
During the meeting, Treasury staff provided an update on key themes in an upcoming progress report by the Inter-Agency Working Group on Treasury Market Surveillance. Council members discussed ongoing efforts to enhance the resilience of the U.S. Treasury market.
The Council also received an update from its Climate-related Financial Risk Committee regarding progress over the past year on developing risk indicators and narrative analyses to monitor climate-related financial risks. This work follows recommendations from the Council’s October 2021 Report on Climate-Related Financial Risk, which identified such risks as emerging threats to financial stability. Additionally, the Council approved new members for its Climate-related Financial Risk Advisory Committee (CFRAC).
Treasury staff briefed the Council on the development of its 2024 annual report.
The Council voted to approve its fiscal year 2025 budget and minutes from its previous meeting held on May 10, 2024. The approved budget allocates $14,783,781 for fiscal year 2025 expenditures for the Council secretariat at Treasury and its independent member with insurance expertise.
Members attending via videoconference included:
– Janet L. Yellen, Secretary of the Treasury (Chairperson)
– Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System
– Michael J. Hsu, Acting Comptroller of the Currency
– Rohit Chopra, Director, Consumer Financial Protection Bureau
– Amanda Fischer, Chief of Staff, Securities and Exchange Commission (acting pursuant to delegated authority)
– Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation
– Rostin Behnam, Chairman, Commodity Futures Trading Commission
– Sandra L. Thompson, Director, Federal Housing Finance Agency
– Todd M. Harper, Chairman, National Credit Union Administration
– Thomas Workman, Independent Member with Insurance Expertise
– James Martin, Acting Director, Office of Financial Research (non-voting member)
– Steven Seitz, Director, Federal Insurance Office (non-voting member)
– Elizabeth K. Dwyer, Superintendent of Financial Services at Rhode Island Department of Business Regulation (non-voting member)
– Adrienne A. Harris; Superintendent at New York State Department of Financial Services (non-voting member)
– Melanie Lubin; Securities Commissioner at Maryland Office of Attorney General’s Securities Division (non-voting member)
Further details about the Council’s activities and recent approvals can be found at http://www.fsoc.gov.
