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Minutes of the Financial Stability Oversight Council Held November 11, 2011 PRESENT: Timothy F. Geithner, Secretary of the Treasury and Chairperson of the Financial Stability Oversight Council Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System (Federal Reserve) Martin J. Gruenberg, Acting Chairperson, Federal Deposit Insurance Corporation (FDIC) Mary Schapiro, Chairman, Securities and Exchange Commission (SEC) Gary Gensler, Chairman, Commodity Futures Trading Commission (CFTC) Edward DeMarco, Acting Director, Federal Housing Finance Agency (FHFA) John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency (OCC) Roy Woodall, Independent Member with Insurance Expertise 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 (non-voting member) NOT PRESENT: Debbie Matz, Chairman, National Credit Union Administration (NCUA) GUESTS: Department of the Treasury Neal S. Wolin, Deputy Secretary of the Treasury Lael Brainard, Under Secretary of the Treasury for International Affairs Mary J. Miller, Assistant Secretary for Financial Markets Amias Gerety, Deputy Assistant Secretary for FSOC Christopher J. Meade, Principal Deputy General Counsel Board of Governors of the Federal Reserve System Daniel K. Tarullo, Governor, Federal Reserve Beth Anne Wilson, Assistant Director, Division of International Finance Commodity Futures Trading Commission Ananda Radhakrishnan, Director, Division of Clearing and Intermediary Oversight 1 Office of the Comptroller of the Currency John Lyons, Senior Deputy Comptroller for Bank Supervision and Policy and Chief National Bank Examiner Federal Deposit Insurance Corporation Jason Cave, Deputy Director for Monitoring, Office of Complex Financial Institutions Federal Housing Finance Agency Mario Ugoletti, Special Advisor to the Director National Credit Union Administration John Worth, Chief Economist Securities and Exchange Commission Robert Cook, Director, Division of Trading and Markets Office of the Independent Member with Insurance Expertise Amanda Wise Federal Reserve Bank of New York William Dudley, President and Chief Executive Officer California Department of Financial Institutions Michael Stevens, Senior Vice President & Director of Regulatory Affairs, Conference of State Bank Supervisors Missouri Department of Insurance, Financial Institutions, and Professional Registration Mark Sagat, Government Relations Policy Counsel, National Association of Insurance Commissioners North Carolina Department of the Secretary of the State, Securities Division Joseph Brady, General Counsel, North American Securities Administrators Association Federal Insurance Office John Nolan, Senior Policy Advisor Executive Session The Chairperson called the executive session of the meeting of the Financial Stability Oversight Council (Council) to order at 11:00 A.M. (EST). The Council convened by teleconference to discuss European market developments. No votes were taken during the meeting. The Chairperson adjourned the meeting at approximately 11:26 A.M. (EST). 2