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FSOC Budget Information

Actual FY 2011 FSOC Expenses & Estimated FSOC Expenses for FY 2012

Category FY2011 Actual FY2012 Estimated Budget

Human Capital Total $2,020,569 $5,563,000

Salary & Benefit $1,014,542 $3,610,000

Other Support $1,006,028 $1,953,000

Information Technology Total $813,015 $1,470,000

Records System $668,413 $550,000

Data / General IT / Website $144,602 $920,000

Administrative Total $57,146 $1,217,000

Space $4,312 $700,000 

FSOC Meetings/Supplies $9,147 $97,000 

General Administrative Costs $43,687 $420,000 

Total $2,890,731 $8,250,000

Fiscal Year 2011

• FSOC projected 17 employees by the end of FY 2011, while FSOC’s current headcount 

is 13 with 3 detailees.

• During its first year, FSOC was able to lower IT expenses and had lower salary expenses 

due to staggered onboarding and support from FSOC member agencies. 

Fiscal Year 2012

• FSOC is expected to be supported by 24 employees by the end of FY 2012. The 

composition of employees will include administrative, legal, and policy support of the 

Council. As FSOC continues to develop it is expected that there may be a need for 

additional staffing, which would require a supplemental budget request during 2012.

• FSOC will support the salaries and expenses of the Independent Insurance Member, and 

3 support staff. 

• IT Support: FSOC will continue to have developmental expenses for its records 

management systems and website design.

• Administrative Costs include funding for rent, travel, training, and other expenses. 
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Funding and Governance of FSOC Budget

Under Section 118 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the

Act), “any expenses of the Council shall be treated as, and paid by, the Office of Financial

Research.” Under Section 155 of the Act, the Office of Financial Research (OFR) and therefore

the FSOC will be funded by transfers from the Federal Reserve for the first two years after

enactment. After two years, the statute stipulates that expenses of OFR and therefore FSOC will

be funded through assessments on bank holding companies with greater than $50B in assets and

nonbank financial companies supervised by the Federal Reserve. Assessments will be set

through regulation by the Treasury Secretary, with the approval of the Council.

Pursuant to section 3(a)(3)(B)(i) of the FSOC’s Rules of Organization, the budget for the FSOC

shall be proposed by the Chairperson and shall be adopted as the annual budget of the FSOC

upon an affirmative vote of the majority of the voting members then serving. The Rules of

Organization also state that the first annual budget shall be proposed for the FSOC no later than

November 30, 2010. Under 3(a)(3)(A) of the FSOC’s Rules of Organization, the FSOC shall

periodically review the expenses of the FSOC and the Chairperson shall submit a report of

expenses no later than September 1 of each year.
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 FDIC Reimbursement Under Section 210(n)(10) of the Dodd-Frank Act

FDIC Reimbursement Period Expenses included in FY 2012

July 22, 2010 – June 30, 2011 $4,715,954

Section 210(n)(10) of the Dodd-Frank Act provides that certain reasonable implementation 

expenses of the FDIC incurred after the date of enactment of the Dodd-Frank Act shall be treated 

as expenses of the Council. The FDIC must periodically submit requests for reimbursement for 

implementation expenses to the Chairperson of the Council, who shall arrange for prompt 

reimbursement to the FDIC of reasonable implementation expenses. The expenses submitted by 

the FDIC to the Council for reimbursement cover the period of July 22, 2010 through June 30, 

2011. The expenses incurred during this period are for rulewriting and resolution planning 

consistent with the FDIC's implementation of its responsibilities under Title II of the Dodd-Frank 

Act.