View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

Minutes of the Financial Stability Oversight Council
Held July 13, 2011
PRESENT:
Neal S. Wolin, Deputy Secretary of the Treasury
Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System (Federal Reserve)
Mary Schapiro, Chairman, Securities and Exchange Commission (SEC)
Martin J. Gruenberg, Acting Chairperson, Federal Deposit Insurance Corporation (FDIC)
Gary Gensler, Chairman, Commodity Futures Trading Commission (CFTC)
Edward DeMarco, Acting Director, Federal Housing Finance Agency (FHFA)
Debbie Matz, Chairman, National Credit Union Administration (NCUA)
William Haraf, Commissioner, California Department of Financial Institutions (non-voting
member)
John Huff, Director, Missouri Department of Insurance, Financial Institutions, and Professional
Registration (non-voting member)
David Massey, Deputy Securities Administrator, North Carolina Department of the Secretary of
State, Securities Division (non-voting member)
Michael McRaith, Director, Federal Insurance Office, Department of the Treasury
NOT PRESENT:
Timothy F. Geithner, Secretary of the Treasury
John Walsh, Acting Comptroller of the Currency
GUESTS:
Department of the Treasury
Jeffrey Goldstein, Under Secretary for Domestic Finance
Mary Miller, Assistant Secretary for Financial Markets
Amias Gerety, Deputy Assistant Secretary for FSOC
Laurie Schaffer, Assistant General Counsel (Banking and Finance)
Board of Governors of the Federal Reserve System
Daniel Tarullo, Governor
Commodity Futures Trading Commission
Timothy Karpoff, Counsel to the Chairman
Comptroller of the Currency
David Wilson, Senior Deputy Comptroller, Bank Supervision Policy and Chief National Bank
Examiner
Federal Deposit Insurance Corporation
Arthur Murton, Director, Division of Insurance and Research
Federal Housing Finance Agency
Mario Ugoletti, Special Advisor to the Director

National Credit Union Administration
John Worth, Chief Economist
Securities and Exchange Commission
Ricardo Delfin, Special Counsel to the Chairman
Federal Reserve Bank of New York
William Dudley, President and Chief Executive Officer
California Department of Financial Institutions
Margaret Liu, Senior Vice President and Deputy General Counsel, Conference of State Bank
Supervisors
Missouri Department of Insurance, Financial Institutions, and Professional Registration
Mark Sagat, Government Relations Analyst and Counsel, National Association of Insurance
Commissioners
North Carolina Department of the Secretary of State, Securities Division
Joseph Brady, General Counsel, North American Securities Administrators Association
PRESENTERS
FSOC Annual Report
• Amias Gerety, Deputy Assistant Secretary for FSOC, Treasury
• Simon Potter, Senior Policy Advisor, FSOC, Treasury
Executive Session
Deputy Secretary Wolin, acting pursuant to authority delegated by Secretary Geithner, called the
executive session of the meeting of the Financial Stability Oversight Council (Council) to order
at 5:03 p.m. (EDT). The meeting was conducted by telephone.
Deputy Secretary Wolin outlined the meeting agenda, which had been previously distributed to
the member agencies together with copies of the draft annual report and the draft written
statements. The agenda for the meeting included the following subjects: (1) a presentation on the
annual report; and (2) a discussion of the written statement.
1. Annual Report
Deputy Secretary Wolin asked Simon Potter to review the remaining open issues related to the
annual report. The members of the FSOC asked questions regarding the report and
complimented the work that has been done on the report.
2. Written Statement

2

Deputy Secretary Wolin then discussed the written statement that each voting member is
required to submit in connection with the Council’s annual report pursuant to section 112 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act. Deputy Secretary Wolin
indicated that he believed that there was agreement regarding the form of the statement. The
members participating in the meeting agreed.
No votes were taken during the meeting.
Deputy Secretary Wolin called the meeting to a close at 5:25 p.m. (EDT)

3


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102