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Minutes of the Financial Stability Oversight Council Held October 30, 2012 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) Richard Cordray, Director, Consumer Financial Protection Bureau (CFPB) Edward DeMarco, Acting Director, Federal Housing Finance Agency (FHFA) Debbie Matz, Chairman, National Credit Union Administration (NCUA) Thomas J. Curry, Comptroller of the Currency, Office of the Comptroller of the Currency (OCC) Roy Woodall, Independent Member with Insurance Expertise Michael McRaith, Director, Federal Insurance Office, Department of the Treasury (non-voting member) John P. Ducrest, Commissioner, Louisiana Office 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) GUESTS: Department of the Treasury Neal S. Wolin, Deputy Secretary Mary J. Miller, Under Secretary for Domestic Finance Matthew Rutherford, Assistant Secretary for Financial Markets Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions Amias Gerety, Deputy Assistant Secretary for FSOC Leigh Williams, Director, Office of Critical Infrastructure Protection and Compliance Policy Christopher J. Meade, Acting General Counsel Board of Governors of the Federal Reserve System Daniel K. Tarullo, Governor Jeff J. Stehm, Senior Associate Director, Division of Reserve Bank Operations and Payment Systems Federal Deposit Insurance Corporation Doreen Eberley, Senior Deputy Director, Risk Management Supervision Securities and Exchange Commission Robert Cook, Director, Division of Trading and Markets 1 Commodity Futures Trading Commission Dan Berkovitz, General Counsel David Taylor, Associate Director, Division of Market Oversight Consumer Financial Protection Bureau Raj Date, Deputy Director Federal Housing Finance Agency George Sacco, Senior Analyst National Credit Union Administration John Worth, Chief Economist Office of the Comptroller of the Currency John Lyons, Senior Deputy Comptroller and Chief National Bank Examiner Office of the Independent Member with Insurance Expertise Chris Ledoux, Senior Advisor Federal Reserve Bank of New York William Dudley, President and Chief Executive Officer Simon Potter, Executive Vice President of Markets Federal Insurance Office John Nolan, Senior Policy Advisor Louisiana Office of Financial Institutions Michael Stevens, Senior Vice President and Director of Regulatory Affairs, Conference of State Banking Supervisors Missouri Department of Insurance, Financial Institutions, and Professional Registration Mark Sagat, Counsel and Manager, Financial Policy and Legislation, National Association of Insurance Commissioners Executive Session The Chairperson called the executive session of the meeting of the Financial Stability Oversight Council (Council) to order at approximately 5:01 P.M. (EDT). The Council convened by teleconference to continue its discussion that began on October 29, 2012 regarding the impact of Hurricane Sandy on financial markets and infrastructure. The Chairperson led a discussion regarding the impact of Hurricane Sandy on financial markets and infrastructure. The Council then received briefings regarding market conditions, infrastructure, bank operations, and insurance. It was reported that all major payment, clearing, and settlement infrastructures were operating normally, utilizing their backup contingency sites as necessary. After the briefings, members of the Council asked questions and had a discussion, 2 including about potential challenges that may arise going forward related to transportation, communication, and power outages in the New York region. The Chairperson adjourned the meeting at approximately 5:37 P.M. (EDT). 3
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