WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of the Financial Stability Oversight Council (Council) in executive and open sessions by videoconference.
During the executive session, the Council received an update from Chair Gensler of the Securities and Exchange Commission (SEC) on forthcoming proposed SEC rulemakings.
The Council also received a presentation from staff of the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Board of Governors of the Federal Reserve System (Federal Reserve) on their Crypto-Asset Policy Sprint Initiative.
Additionally, the Council received an update from Treasury staff on ongoing work on climate-related financial risks.
During the open session, the Council received a presentation on the Council’s 2021 annual report and voted unanimously to approve the report.
The Council also voted unanimously to approve the charter establishing a staff-level Climate-related Financial Risk Committee. The committee will be a venue for the staffs of Council members and member agencies to collaborate and share information regarding potential climate-related risks.
Additionally, the Council received an update from staff of the Federal Reserve on the transition from LIBOR, including the cessation of new U.S. dollar LIBOR transactions after December 31, 2021.
The Council also voted to approve the minutes of its previous meeting on November 15, 2021.
In attendance at the Council meeting by videoconference were the following members:
Additional information regarding the Council, its work, and the recently approved annual report, Climate-related Financial Risk Committee charter, and meeting minutes is available at http://www.fsoc.gov.
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