FY2023 Council Budget Information

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FY2022 Projected Actual Expenses and Proposed FY2023 Budget 

for the Financial Stability Oversight Council (Council) Secretariat and 

the Office of the Independent Member

Funding and Governance of Council Budget 

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

expenses of the Council shall be treated as expenses of, and paid by, the Office of Financial Research.” Under Section 

155 of the Dodd-Frank Act, expenses of the OFR, and therefore of the Council, are funded through assessments applicable 

to certain bank holding companies and nonbank financial companies supervised by the Board of Governors of the Federal 

Reserve System. The Treasury Secretary has established, by regulation, and with the approval of the Council, an 

assessment schedule. 

Pursuant to section 3(a)(3)(B)(ii) of the Council’s Rules of Organization, the Chairperson shall propose an annual budget 

for the Council, which upon an affirmative vote of a majority of the voting members then serving shall be adopted as the 

annual budget of the Council. Under section 3(a)(3)(A) of the Council’s Rules of Organization, the Council shall 

periodically review the expenses of the Council, and the Chairperson shall provide a report of expenses to the Council no 

later than September 1 of each year. 

Council Secretariat and Office of the Independent Member Budget

Category

FY2022

Approved

Budget

FY2022

Projected 

Actuals

FY2023

Proposed 

Budget

Council Secretariat and Office of the Independent 

Member

 Labor Costs $4,612,069 $3,658,425 $7,805,000

Salary & Benefits $4,612,069 $3,658,425 $7,805,000

 Non-Labor Costs $2,954,740 $2,613,426 $5,625,314

Other Support $2,226,090 $2,019,690 $4,138,500

Data/Records System/General IT/Website $613,900 $558,019 $993,750

General Administrative Costs $114,750 $35,717 $393,064

Non-Recurring Lease and Alteration Costs $100,000

Total $7,566,809 $6,271,851 $13,430,314

Note: Labor costs in this table include expenses of the Office of the Independent Member totaling approximately $812,197 in 

projected actual spending in FY2022 and approximately $845,000 in the FY2023 proposed budget. Certain non-labor costs 

attributable to the Office of the Independent Member are also included in this table. 

Fiscal Year 2022 Highlights

• FY2022 actual expenses are forecasted to be approximately $1,295,000 under budget. 

• The labor shortfall has increased from the prior year and is primarily due to staff attrition offset by later than expected 

hiring actions, resulting in reduced direct labor expenses. The non-labor shortfall was primarily due to unused funds 

for reimburseable detailees, lower than anticipated contracting needs, and lower travel and training expenses. 

Fiscal Year 2023 Highlights

• The FY2023 proposed budget for the Council Secretariat and the Office of the Independent Member includes an

increase of approximately $5.86 million, or about 77 percent, from the FY2022 budget. 

• The Council Secretariat intends to hire additional staff in FY2023, bringing the total headcount cap of the Secretariat 

and Office of the Independent Member staff from 27 FTEs to 44 FTEs, an increase of 17 FTEs from the level 
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approved in the FY2022 Council budget. The new FTEs for FY2023 will correct ongoing issues with understaffing, 

and support increased Council work on priorities including risks related to digital assets, climate-related financial risk, 

nonbank financial intermediation, and Treasury market resilience, as well as other initiatives. 

• An increase in the budget for reimbursable detailees will allow the Council Secretariat to fill critical needs as needed, 

including for particular subject matter expertise. 

• Additional administrative expenses have been included in the FY23 proposed budget arising from the proposed 

increase in staff, such as expenses for data and software access, and training. 
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FDIC Reimbursement Under Section 210(n)(10) of the Dodd-Frank Act

Category

FY2022

Approved 

Budget

FY2022

Actual 

Expenses

FY2023

Proposed 

Budget

FDIC Reimbursement Under Section 210(n)(10) 

Policies, Procedures, Rules, and Regulations to 

Implement Title II

$0 $0 $0

Institution-Specific Resolution Planning for Title II 

Implementation

Non-Institution Specific Resolution Planning for Title II 

Implementation

$132,119

$3,122,063

$132,119

$3,122,063

$150,830

$2,759,606

Total $3,254,182 $3,254,182 $2,910,436

Section 210(n)(10) of the Dodd-Frank Act provides that reasonable implementation expenses of the FDIC relating to its 

responsibilities under Title II for the resolution of systemically important financial companies shall be treated as expenses

of the Council. The FDIC must periodically submit requests for reimbursement of these expenses to the Chairperson of 

the Council, who shall arrange for prompt reimbursement of these expenses to the FDIC. Reimbursable FDIC expenses 

include those related to the development and adoption of Title II rules and regulations and Title II resolution planning 

activities, both institution-specific and non-institution-specific. Non-institution-specific resolution planning activities 

primarily involve the development of operational procedures for a Title II receivership, such as those related to 

receivership management, accounting and reporting, non-deposit claims, and cross-border coordination.

Fiscal Year 2022 Highlights

• The FY2022 budget was based on the FDIC’s request for reimbursement of expenses incurred by the FDIC for the 

period from July 1, 2020, through June 30, 2021. FY2022 actual expenses were, therefore, identical to the FY2022 

budget, since the FDIC’s reimbursement request was submitted to the Chairperson for review prior to the adoption 

of the Council’s FY2022 budget.

• FY2022 actual expenses primarily covered the cost of FDIC staff who worked on reimbursable Title II activities.

Fiscal Year 2023 Highlights

• The proposed FY2023 budget is based on actual expenses incurred by the FDIC for the period from July 1, 2021, 

through June 30, 2022. As in prior years, the proposed FY2023 budget largely covers the cost of FDIC staff time for 

employees who worked on reimbursable Title II activities.

• The proposed FY2023 budget reflects a decrease from FY2022, because the number of staff hours for Title II planning 

activities decreased during the reimbursement period that ended on June 30, 2022, from the prior reimbursement 

period.

• The decrease reflected a reprioritization of work during the pandemic from Title II planning activities to planning for 

the possible resolution of a large insured depository institution failure under the Federal Deposit Insurance Act. That 

re-prioritization is not expected to represent a permanent trend toward fewer hours dedicated to Title II reimbursable 

activities.