12 U.S.C. § 5321 - Financial Stability Oversight Council established
|Cite as:||12 U.S.C. § 5321|
|Currency:||Current through P.L. 116-158 (08/14/2020)|
Effective on July 21, 2010, there is established the Financial Stability Oversight Council.
The Council shall consist of the following members:
(1) Voting members
The voting members, who shall each have 1 vote on the Council shall be-
(A) the Secretary of the Treasury, who shall serve as Chairperson of the Council;
(B) the Chairman of the Board of Governors;
(C) the Comptroller of the Currency;
(D) the Director of the Bureau;
(E) the Chairman of the Commission;
(F) the Chairperson of the Corporation;
(G) the Chairperson of the Commodity Futures Trading Commission;
(H) the Director of the Federal Housing Finance Agency;
(I) the Chairman of the National Credit Union Administration Board; and
(J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise.
(2) Nonvoting members
The nonvoting members, who shall serve in an advisory capacity as a nonvoting member of the Council, shall be-
(A) the Director of the Office of Financial Research;
(B) the Director of the Federal Insurance Office;
(C) a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners;
(D) a State banking supervisor, to be designated by a selection process determined by the State banking supervisors; and
(E) a State securities commissioner (or an officer performing like functions), to be designated by a selection process determined by such State securities commissioners.
(3) Nonvoting member participation
The nonvoting members of the Council shall not be excluded from any of the proceedings, meetings, discussions, or deliberations of the Council, except that the Chairperson may, upon an affirmative vote of the member agencies, exclude the nonvoting members from any of the proceedings, meetings, discussions, or deliberations of the Council when necessary to safeguard and promote the free exchange of confidential supervisory information.
(c) Terms; vacancy
The independent member of the Council shall serve for a term of 6 years, and each nonvoting member described in subparagraphs (C), (D), and (E) of subsection (b)(2) shall serve for a term of 2 years.
Any vacancy on the Council shall be filled in the manner in which the original appointment was made.
(3) Acting officials may serve
In the event of a vacancy in the office of the head of a member agency or department, and pending the appointment of a successor, or during the absence or disability of the head of a member agency or department, the acting head of the member agency or department shall serve as a member of the Council in the place of that agency or department head.
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