The council, a group of former regulators, lawmakers and business leaders holding an inaugural meeting in Washington yesterday, was formed to counter industry lobbying that members say may undermine Dodd-Frank Act measures enacted in response to a collapse that led to U.S. bailouts for the biggest banks and nonbank companies including American International Group Inc. (AIG)
The panel is led by former Chairman Sheila Bair of the Federal Deposit Insurance Corp.The group’s members also include former U.S. Treasury Secretary Paul O’Neill; John S. Reed, former co-chairman and co- chief executive officer of Citigroup Inc. and Brooksley Born, former chairman of the U.S. Commodity Futures Trading Commission. Former Federal Reserve Chairman Paul Volcker will serve as the council’s senior adviser. Bair, now a senior adviser to Washington-based Pew Charitable Trusts, said in an interview that while the panel is not anti-industry, “it’s independent of the industry.”
Council members, who have criticized delays in Dodd-Frank implementation, plan to monitor the regulatory overhaul and identify systemic risks to U.S. financial markets. buy a domain . They will provide commentary on, and release reports to, the Financial Stability Oversight Council ((As established under the Dodd-Frank Act, the Financial Stability Oversight Council (FSOC) will provide, for the first time, comprehensive monitoring to ensure the stability of our nation’s financial system. The Council is charged with identifying threats to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the United States financial system. The Council consists of 10 voting members and 5 nonvoting members and brings together the expertise of federal financial regulators, state regulators, and an insurance expert appointed by the President)) and the Treasury Department’s Office of Financial Research, both created by Dodd-Frank.