Comptroller Discusses Financial Stability Oversight Council Before the House Financial Services Committee

OCC

Description

management industry and its activities during which practitioners, academics, and other stakeholders discussed a variety of topics related to the industry. In July 2014, the Council directed staff to undertake a more focused analysis of industry-wide products and activities to assess risks associated with this industry. In order to inform that analysis, in December 2014, the Council voted unanimously to release a notice seeking public comment on aspects of the asset management industry. In particular, the Council sought input from the public about risks to the U.S.

financial system associated with liquidity and redemptions, leverage, operational functions, and resolution in the asset management industry. The notice provided another important mechanism to solicit input from the public and build upon the Council’s prior public engagement in this area. The public comment period closed in March 2015.

The FSOC is now evaluating, through a series of working groups, whether asset management products or activities pose a threat to the financial stability of the United States. IV. Conclusion The Dodd-Frank Act provided the FSOC with important duties and responsibilities to promote the stability of the U.S. financial system.

The issues that the Council confronts in carrying out these duties are, by their nature, complex and far-reaching. Developing appropriate and measured responses to these issues requires thoughtful deliberation and debate among the Council’s members. The OCC remains committed to helping the Council achieve its mission. 8   .