The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
2/23/2024 READOUT: Financial Stability Oversight Council Meeting on February 23, 2024 | U.S. Department of the Treasury READOUT: Financial Stability Oversight Council Meeting on February 23, 2024 February 23, 2024 WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive session at the U.S. Department of the Treasury (Treasury). During the meeting, the Council heard an update by Chair Gensler of the Securities and Exchange Commission (SEC) on the SECʼs regulatory initiatives, including on the securities settlement cycle, central clearing and dealer registration, short-term funding markets, and private fund reporting. The Council also heard an update by O ice of the Comptroller of the Currency (OCC) sta on banking and commercial real estate (CRE) market developments. Recent market volatility has reinforced the importance of strong supervision of CRE exposures at banks and other financial institutions. The Council will continue to closely monitor developments in CRE markets. In addition, the Council received a presentation by Consumer Financial Protection Bureau (CFPB) sta on the CFPBʼs proposed rule for defining larger participants of a market for general-use digital consumer payment applications. Council members discussed the evolving payments landscape and new entrants in the sector. The Council also heard a presentation by Treasury sta on the Councilʼs progress on its 2023 priorities and proposals for the Councilʼs 2024 priorities. The Council supported continued work on its existing priorities, which include nonbank financial intermediation, climate-related financial risk, Treasury market resilience, and risks related to digital assets. Council members also discussed the need for continued application of its analytic framework to identify, assess, and address financial stability risk, as well as monitoring and engagement on cyber resilience, financial market utilities, and artificial intelligence. Additionally, the Council received an update by O ice of Financial Research (OFR) sta on the OFRʼs work to collect data on non-centrally cleared bilateral repurchase agreement transactions. Council members emphasized the importance of this work, which is intended to https://home.treasury.gov/news/press-releases/jy2122 1/3 2/23/2024 READOUT: Financial Stability Oversight Council Meeting on February 23, 2024 | U.S. Department of the Treasury bring greater o icial-sector transparency to the largest and most opaque segment of the secured financing market. The Council also voted to approve the minutes of its previous meeting on December 14, 2023. In attendance at the Council meeting at Treasury or virtually were the following members: Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council) Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System Michael J. Hsu, Acting Comptroller of the Currency Rohit Chopra, Director, Consumer Financial Protection Bureau Gary Gensler, Chair, Securities and Exchange Commission Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation Rostin Behnam, Chairman, Commodity Futures Trading Commission Sandra L. Thompson, Director, Federal Housing Finance Agency Todd M. Harper, Chairman, National Credit Union Administration Thomas Workman, Independent Member with Insurance Expertise Stacey Schre , Deputy Director, O ice of Financial Research (non-voting member) (acting pursuant to delegated authority) Steven Seitz, Director, Federal Insurance O ice (non-voting member) Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of Business Regulation (non-voting member) Adrienne A. Harris, Superintendent, New York State Department of Financial Services (nonvoting member) (virtual) Melanie Lubin, Securities Commissioner, O ice of the Attorney General of Maryland, Securities Division (non-voting member) Additional information regarding the Council, its work, and the recently approved meeting minutes is available at http://www.fsoc.gov. ### https://home.treasury.gov/news/press-releases/jy2122 2/3 2/23/2024 READOUT: Financial Stability Oversight Council Meeting on February 23, 2024 | U.S. Department of the Treasury https://home.treasury.gov/news/press-releases/jy2122 3/3
@FedFRASER