View original document

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

3/19/2020

Financial Stability Oversight Council Releases Annual Report | U.S. Department of the Treasury

Financial Stability Oversight Council Releases Annual Report
December 4, 2019

WASHINGTON – The Financial Stability Oversight Council (Council) today voted unanimously to
approve its 2019 annual report. The Council’s annual report describes, among other things,
significant financial market and regulatory developments, potential emerging threats to U.S.
financial stability, recommendations to promote U.S. financial stability, and the activities of the
Council. The report was developed collaboratively by members of the Council and their
agencies and sta s.
“This year’s annual report reflects the Council’s focus on financial stability and how to properly
address those potential risks that could negatively a ect the economy,” said Treasury Secretary
Steven T. Mnuchin. “The Council received valuable input from all member agencies, and I am
thankful for their contributions.”
The Council’s recommendations in the annual report include, but are not limited to, the
following:
In order to promote an e ective response to cyber events, the Council recommends greater
information sharing among government agencies, as well as between government and
industry.
In anticipation of the transition to a new alternative reference rate, the Council recommends
that market participants formulate and execute transition plans and that any new
instruments that reference LIBOR should include fallback language to mitigate risk in the
event that LIBOR becomes unavailable.
Continued coordination among federal and state regulators in order to collect data, identify
risks, and strengthen oversight of nonbank financial companies involved in the origination
and servicing of residential mortgages.
The Council recommends that federal and state financial regulators continue to work
together to evaluate regulatory overlap and duplication, modernize outdated regulations,
and—where authority exists—tailor regulations based on the size and complexity of
financial institutions.
https://home.treasury.gov/news/press-releases/sm843

1/2

3/19/2020

View the full report

Financial Stability Oversight Council Releases Annual Report | U.S. Department of the Treasury

.
####

https://home.treasury.gov/news/press-releases/sm843

2/2

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