12 USC 5321 - Financial Stability Oversight Council established

U.S Code last checked for updates: May 03, 2024

§ 5321.

Financial Stability Oversight Council established

(a)

Establishment

(b)

Membership

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

(c)

Terms; vacancy

(1)

Terms

(2)

Vacancy

(3)

Acting officials may serve

(4)

Term of independent member

Notwithstanding paragraph (1), if a successor to the independent member of the Council serving under subsection (b)(1)(J) is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of—

(A)

18 months after the date on which the term of service ends; or

(B)

the date on which a successor to such member is appointed and confirmed.

(d)

Technical and professional advisory committees

(e)

Meetings

(1)

Timing

(2)

Rules for conducting business

(f)

Voting

(g)

Nonapplicability of chapter 10 of title 5

(h)

Assistance from Federal agencies

(i)

Compensation of members

(1)

Federal employee members

(2)

Omitted

(j)

Detail of Government employees

(Pub. L. 111–203, title I, § 111, July 21, 2010, 124 Stat. 1392; Pub. L. 115–61, § 2, Sept. 27, 2017, 131 Stat. 1158; Pub. L. 117–286, § 4(a)(58), Dec. 27, 2022, 136 Stat. 4311.)

cite as: 12 USC 5321