The Financial Stability Oversight Council meets today at noon. The Treasury's press release says, "On Tuesday, Treasury Secretary Tim Geithner, in his capacity as chairperson of the Financial Stability Oversight Council, will host a meeting of the Council at the U.S. Department of the Treasury. The meeting will include a closed session, beginning at 11:00 AM EDT, and an open session, beginning at 12:00 PM EDT. The open session will be streamed live on the Treasury Department's website. Media are invited to attend the open session, which will include an update on mortgage servicing and foreclosure issues and votes on several resolutions to advance implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These resolutions will include approval of the publication of an Advance Notice of Proposed Rulemaking regarding authority to designate financial market utilities as systemically important, the Council's committee structure and minutes of the inaugural Council meeting. The Dodd-Frank Act, which President Obama signed into law on July 21, 2010, established the Financial Stability Oversight Council. The Council will provide, for the first time, comprehensive oversight over the stability of our nation's financial system. It is charged with identifying threats to the financial stability of the United States; promoting market discipline by eliminating expectations on the part of shareholders, creditors, and counterparties of such companies that the government will shield them from losses in the event of failure; and responding to emerging risks to the stability of the United States financial system."
