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.