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1004 Financial Services Oversight Council meetings and council governance
Meetings at least quarterly; vote by majority
1005 Council staff and funding
Funding by member agencies; Treasury shall detail staff and other agencies may
1006 Reports to the Congress
Semiannual reports to Committees on Agriculture, Financial Services, Ways and
Means of House and Agriculture, Banking, Housing and Urban Affairs and Finance
of Senate; to describe significant financial and regulatory dvpmts and report effect of
changes in accounting and other regulatory standards on stability of system; describe
size, scope, concentration, etc. of 50 largest financial institutions; describe actions
taken to address threats to financial system; describe dispute resolutions and actions
taken under the title; evaluate CFPA and CFPA must take evaluation in to
consideration in issuing regs
1007 Applicability of certain Federal laws
Federal Advisory Committee Act doesn’t apply to Council; Council not an “agency”
of Fed. govt
1008 Oversight by GAO
Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
Enhances authority of GAO to examine Board of Governors of Fed and Federal
Reserve Banks; GAO may audit Council and anyone acting for it; GAO has access
to Council records, info provided by members, identities of holding companies
subject to stricter standards; Comptroller to review and evaluate activities of
Council;
Subtitle B—Prudential Regulation of Companies and Activities for Financial
Stability Purposes
1100 Federal Reserve Board authority that of agent acting on behalf of
Council
Federal Reserve serves as agent of the Council in regulating systemically risky
companies on a consolidated basis
1101 Council and Board authority to obtain information
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