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7/29/2022

READOUT: Financial Stability Oversight Council Meeting on July 28, 2022 | U.S. Department of the Treasury

READOUT: Financial Stability Oversight Council Meeting on July
28, 2022
July 28, 2022

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of
the Financial Stability Oversight Council (Council) in executive and public sessions by
videoconference.
During the executive session, the Council received an update from the Councilʼs sta -level
Hedge Fund Working Group (HFWG) on its progress in developing a risk-monitoring
framework, which is intended to inform the Councilʼs assessment of current and emerging
risks to financial stability related to hedge fund activities. During the first half of 2022, the
HFWG has made significant progress in developing its risk monitor, which draws on qualitative
and quantitative information about hedge fund activities in financial markets.
The Council also received an update on the progress of the Councilʼs sta -level Climaterelated Financial Risk Committee (CFRC), including progress made on implementing the
recommendations from the Councilʼs climate report last year. This marks the CFRCʼs first
update to the Council since the committee was established in December 2021.
Additionally, the Council also heard an update from Treasury sta on the Council report being
prepared in response to the Executive Order on Ensuring Responsible Development of Digital
Assets. The Council expects to issue the report in early fall 2022.
The Council also heard a presentation from sta of the O ice of Financial Research (OFR) on
the OFRʼs work to collect data on non-centrally cleared bilateral repo transactions.
During the public session, the Council received an update on the work of the Council and its
members to identify and assess climate-related financial risk, including progress made by the
CFRC. This progress is described in a fact sheet available at the link below.

https://home.treasury.gov/news/press-releases/jy0896

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7/29/2022

READOUT: Financial Stability Oversight Council Meeting on July 28, 2022 | U.S. Department of the Treasury

The Council also voted to approve the minutes of its previous meeting on April 8, 2022.
In attendance at the Council meeting by videoconference 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, Acting 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
James Martin, Acting Director, O ice of Financial Research (non-voting member)
Steven Seitz, Director, Federal Insurance O ice (non-voting member)
Charles G. Cooper, Commissioner, Texas Department of Banking (non-voting member)
Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of
Business Regulation (non-voting member)
Additional information regarding the Council and its work, as well as the fact sheet on
climate-related financial risk and meeting minutes, is available at http://www.fsoc.gov.

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https://home.treasury.gov/news/press-releases/jy0896

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