FEDERALhearing transcript

Annual Review of the Financial Stability Oversight Council

Original title: THE ANNUAL REPORT OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL

January 1, 2018

financial stability FSOC housing finance Fannie Mae Freddie Mac economic oversight

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The Frame

What this does

The hearing serves as a formal oversight mechanism for the , which is responsible for identifying systemic risks to the U.S. financial system that could impact national economic stability.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Financial Stability Oversight Council

The council is required to provide annual testimony to the House Financial Services Committee regarding its report.

U.S. Taxpayers

Taxpayers are affected by the systemic financial risks monitored by the FSOC, which can impact the broader economy.

What changed

Last recorded activity January 1, 2018.

What's next

Next step not available in the current record.

Summary

This document is a transcript from a September 2016 House Financial Services Committee hearing where Treasury Secretary Jacob Lew testified regarding the Financial Stability Oversight Council's () annual report. The committee discussed the council's assessment of financial risks and debated the adequacy of its focus on .

Key Facts

The hearing took place on September 22, 2016, before the House Committee on Financial Services.
The primary purpose was to receive the annual testimony of the Chair of the Financial Stability Oversight Council (FSOC).
Chairman Jeb Hensarling criticized the 2016 FSOC annual report for being repetitive of the 2015 report.
The Chairman stated that the FSOC report failed to adequately analyze risks associated with Fannie Mae and Freddie Mac.
The committee record includes various letters and statements regarding international projects, interest rates, and financial policy.

Frequently Asked Questions

What is the Financial Stability Oversight Council (FSOC)?

The is a federal body charged with identifying and monitoring risks to the stability of the United States financial system.

Why was this hearing held?

The hearing was held to conduct oversight of the by reviewing its annual report and hearing testimony from the Treasury Secretary.

Why It Matters

The hearing serves as a formal oversight mechanism for the , which is responsible for identifying systemic risks to the U.S. financial system that could impact national economic stability.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift100% confidence

Criticism of FSOC Reporting

The Chairman explicitly characterized the 2016 report as a 'summer rerun' of the 2015 report, indicating a lack of perceived progress in risk identification.

Financial Stability Oversight Council Jeb Hensarling

Connected Entities

organizationFinancial Stability Oversight Council“The body responsible for identifying risks to U.S. financial stability.”Map →

organizationFreddie Mac“Government-sponsored enterprise cited by the Chairman as a financial risk.”Map →

personJeb Hensarling“Chairman of the House Committee on Financial Services.”Map →

organizationFannie Mae“Government-sponsored enterprise cited by the Chairman as a financial risk.”Map →

personJacob J. Lew“Secretary of the U.S. Department of the Treasury and witness at the hearing.”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz5
Current news / social attention level

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