Financial Stability Oversight Council - Obama Presidency Oral History Financial Stability Oversight Council Index / Organizations Transcripts Christopher Dodd ...I can tell you [laughs]. But the FSOC [Financial Stability Oversigh... ...all, why did we have to legislate the FSOC ? Requiring that these financia... Richard Cordray ...is also some oversight from the Financial Stability Oversight Council ? That's correct. There is anothe... Janet Yellen ...Dodd-Frank, in this regard, gave to the Financial Stability Oversight Council [FSOC] was the ability to designate ... ...Financial Stability Oversight Council [ FSOC ] was the ability to designate ... ...was not strong. It didn't give the Financial Stability Oversight Council much power. And it didn't change th... ...up and been a huge problem in 2008. FSOC tried to get the SEC [Securities an... ...Dodd-Frank, what it did is it allowed FSOC to make recommendations to an agenc... ...financial stability risks. And the FSOC came close to doing that with the SEC... ...they weren't forced to do what the FSOC said. The FSOC had no power to forc... ...forced to do what the FSOC said. The FSOC had no power to force anything. An... ...they did what they wanted to do, and FSOC couldn't override what they did. Muc... ...the Trump administration went on to the FSOC to adopt internal procedures that wil... Show more... Neal Wolin ...to ask you about the creation of the Financial Stability Oversight Council . In our first session, one of th... ...can respond. Were there ways that FSOC tried to remedy that problem i... ...that problem in particular? I think FSOC tried to do what is very hard to do... ...crisis to come? We also thought about FSOC as an important institution to brin... ...served some of that purpose. But the FSOC was a more rigorous, more statutoril... ...or mitigated. Thanks for that. Did FSOC or Dodd-Frank more generally make clea... ...Bureau, which is a member of the FSOC ; the Federal Insurance Office, whic... ...Insurance Office, which is a member of FSOC . It wasn't so much that it clarifie... ...the lines of regulatory authority, FSOC or Dodd-Frank more generally, becaus... ...it fair to say that one of the aims of FSOC was to institutionalize communicatio... ...substantive area. Did you attend any FSOC meetings? I attended every one when ... ...you hadn't seen it before. I think FSOC turned out to be an important piece o... ...the Treasury secretary as chair of the FSOC , so there was convening power that th... ...secretary or other members of the FSOC . One of the realities of th... ...of the pre-Dodd-Frank or the pre- FSOC world was that the engagement o... ...some additional authority given to the FSOC on looking at not just institutions... Show more... Sheila Bair ...stuff we had a hand in. Certainly, the FSOC [Financial Stability Oversigh... ...we had a hand in. Certainly, the FSOC [ Financial Stability Oversight Council ]; that was something I had actuall... ...I had recommended a much-stronger FSOC . So one with rule-writing authorit... ...provisions that we were involved in. FSOC , of course, is the Financial Stabilit... ...involved in. FSOC, of course, is the Financial Stability Oversight Council . In what ways did the law produce ... ...what ways did the law produce a weaker FSOC than you had recommended? Yes. I ha... ...an individual regulator—and actually, FSOC did that with the SEC on money marke... Show more... Sarah Bloom Raskin ...talk to each other. That was the Financial Stability Oversight Council , known as the FSOC. This was th... ...Oversight Council, known as the FSOC . This was the mechanism by which th... Barney Frank ...The Wall Street Journal noted that the FSOC , the Financial Stability Oversigh... ...Street Journal noted that the FSOC, the Financial Stability Oversight Council , had just adopted a new rule to dea... Related Topics go to the Chicago Chicago go to the Gun Control Gun Control go to the Middle East and North Africa Middle East and North Africa go to the Nuclear Nonproliferation Nuclear Nonproliferation go to the Science Science