Forty-Nine Banks to Pay Initial Assessment for FSOC

The U.S. Treasury Department said 49 financial firms next month will begin paying to cover the expenses of a council of regulators and its research arm.

Twenty-five U.S. bank holding companies and 24 foreign firms will be assessed about $7,700 per $1 billion in assets beginning July 20, the Treasury said in a statement today. That initial assessment totaling $137 million will cover expenses of the Financial Stability Oversight Council and the Office of Financial Research, the Treasury said.

The council, created by the Dodd-Frank financial overhaul law to help prevent another financial crisis, includes Treasury Secretary Timothy F. Geithner and Federal Reserve Chairman Ben S. Bernanke. Geithner is the council’s chairman.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Chris Wellisz at cwellisz@bloomberg.net