FSOC Designation Treasury Report: A Fundamental Shift

Posted by George W. Madison, Michael E. Borden, and David A. Miller, Sidley Austin LLP, on Sunday, February 4, 2018 Editor's Note: George W. Madison and Michael E. Borden are partners and David A. Miller is an associate at Sidley Austin LLP. This post is based on a Sidley publication by Mr. Madison, Mr. Borden, and Mr. Miller. Creating an inter-agency panel of financial regulators to monitor systemic risk was a hallmark achievement of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The Financial Stability Oversight Council (FSOC), as Dodd-Frank coined it, was designed to correct perceived deficiencies in regulation—many different regulators oversaw different pieces of the financial system but none had visibility into the activities of entities they did not regulate. Under Dodd-Frank, the FSOC, chaired by the Secretary of the Treasury, would exist to promote cooperation among more than fifteen regulators and formalize coordination.…

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