Financial Stability Oversight Council Annual Report to Congress, Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Thirteenth Congress, First Session on Reviewing the Financial Stability Oversight Council's Annual Report, Discussing FSOC'S Efforts, Activities, Objectives, and Plans, and Continuing its Oversight of the Implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act, May 21, 2013   [open pdf - 5MB]

This is from the May 21, 2013 hearing, "The Financial Stability Oversight Council Annual Report to Congress," held before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. From the opening statement of Tim Johnson: "While this Committee lacks jurisdiction over the IRS [Internal Revenue Service], I must personally express my sincere disappointment and anger regarding the recent revelation that some IRS employees were targeting political organizations. Democrats and Republicans agree that politics has no place at the IRS, and I commend Secretary Lew and President Obama for taking swift action last week. As should be the case, the DOJ [Department of Justice] is looking into whether any laws have been broken and the appropriate Senate committees of jurisdiction are holding hearings so that we can get to the bottom of this. With that said, this Committee has the duty to oversee efforts to strengthen U.S. financial stability, especially in light of the costly crisis our economy continues to recovery from. So today, Secretary Lew will focus on the Financial Stability Oversight Council's Annual Report to Congress, as required by the Wall Street Reform Act. I am pleased that this year's FSOC [Financial Stability Oversight Council] report notes progress in key areas that this Committee has devoted attention to over the last year, including money market funds, the tri-party repo market, the housing market, LIBOR [London InterBank Offered Rate], and the economic situation in Europe. The report also highlights emerging operational risks for financial companies like cybersecurity attacks, new technologies in the equity markets, and financial services preparedness for natural disasters. Furthermore, the FSOC has made important recommendations in many of these areas." Statements, letters, and materials submitted for the record include those of the following: Mike Crapo, Jacob J. Lew, Robert Menendez, Jeff Merkley, Richard Shelby, David Vitter, and Tom Coburn.

Report Number:
S. Hrg. 113-42; Senate Hearing 113-42
Public Domain
Retrieved From:
U.S. Government Printing Office: http://www.gpo.gov/
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