September 28, 2010
Commissioner William S. Haraf to Serve on the Financial Stability Oversight Council
Commissioner William S. Haraf will serve as the representative for the Conference of State Bank Supervisors (CSBS) on the Financial Stability Oversight Council (FSOC). Established by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FSOC is charged with responsibility for identifying risks to the financial system, promoting market discipline and responding to emerging threats to financial stability. The Council is chaired by the Secretary of the Treasury and includes as voting members the heads of all of the federal regulatory bodies. The Dodd-Frank Act also provides that state banking, insurance and securities supervisors shall each name a nonvoting member to the FSOC. As the professional regulatory association for state bank commissioners, CSBS named Commissioner Haraf to serve on the FSOC upon the recommendation of CSBS Chairman Tom Gronstal and a vote of its Board of Directors.
Treasury Secretary Tim Geithner, in his capacity as FSOC chairperson, announced that the Council will hold its first meeting on October 1, 2010 at the U.S. Treasury Department.