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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