U.S. Financial Risk Council to Meet on December 3
The Financial Stability Oversight Council, a group of regulators created to prevent another financial crisis, will meet in a closed session Dec. 3, according to the U.S. Treasury Department’s website.
The Treasury didn’t release an agenda or list of topics for the meeting, which will be held 11 days before Mary Schapiro, a council member, leaves her post as chairman of the Securities and Exchange Commission. The council on Nov. 13 approved a draft recommendation to the SEC spelling out three ways to overhaul the money-market mutual fund industry.
While Treasury Secretary Timothy F. Geithner, the council’s chairman, has said the SEC is best-positioned to address money funds, he has also said the council might intervene and subject funds to Federal Reserve oversight if the SEC fails to act.
The council, or FSOC, also decides which non-bank financial companies are systemically important. In the last two months it has decided to consider whether American International Group Inc., Prudential Financial Inc. and General Electric Co.’s finance arm should be designated as posing a potential risk to the financial system if they were to fail.
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