Financial Stability Oversight Council

Fiscal Year 2024 Budget Information

1

FY2023 Projected Actual Expenses and Proposed FY2024 Budget 

for the Financial Stability Oversight Council (Council) Secretariat and 

the Office of the Independent Member (OIM)

Funding and Governance of Financial Stability Oversight 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 Office of Financial Research (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.

Budget and Expenditures for the Council Secretariat and OIM

FY2023 FY2024

Category Approved Budget Projected Actuals Proposed Budget

Labor Costs $7,805,000 $5,139,122 $9,085,000

Salary & Benefits $7,805,000 $5,139,122 $9,085,000

Non-Labor Costs $5,625,314 $4,511,024 $5,101,569

Other Support $4,138,500 $3,253,309 $3,773,000

Data/Records System/General IT/Website $993,750 $792,431 $778,000

General Administrative Costs $393,064 $366,380 $400,569

Non-Recurring Lease & Alteration Costs $100,000 $98,904 $150,000

Total $13,430,314 $9,650,146 $14,186,569

Note: Labor costs in this table include expenses of the OIM totaling (i) approximately $843,000 in projected actual spending in 

FY2023 and (ii) approximately $875,000 in the FY2024 proposed budget to fund four FTEs. Certain non-labor costs attributable to 

the OIM are also included in this table.

Fiscal Year 2023 Highlights

• The projected actual expenditures for FY2023 represent 72 percent of the FY2023 approved budget. Lower-thanexpected projected actual labor costs reflect longer-than-expected times for hiring and onboarding new staff and a

greater focus on recruiting and hiring more junior-level staff. Half of all Secretariat hires in FY2023 onboarded in the 

fourth quarter of the fiscal year.

• The shortfall in FY2023 non-labor expenditures categorized as “Other Support” reflects fewer reimbursable external 

detailees than provided for in the budget. 

Fiscal Year 2024 Highlights

• The proposed FY2024 budget includes an increase of approximately $756,255, or 5.6 percent, over the approved

FY2023 budget. 

• The FY2024 budget provides for the Council Secretariat and the OIM to increase their total staffing from the level 

approved for FY2023 of 44 FTEs to 49 FTEs. The five additional FTEs would be in support of the recently 

reestablished Council Analysis team and advancing the Council’s work on financial market utilities, Treasury market 

resilience, climate-related financial risk, nonbank financial intermediation, and digital assets. 
2

FDIC Reimbursement Under Section 210(n)(10) of the Dodd-Frank Act

FY2023 FY2024

Category

Approved 

Budget

Actual 

Expenses

Proposed 

Budget

 Policies, Procedures, Rules, and Regulations to Implement Title II $0 $0 $0

 Institution-Specific Resolution Planning for Title II Implementation $150,830 $150,830 $228,870

 Non-Institution-Specific Resolution Planning for Title II Implementation $2,759,606 $2,759,606 $2,972,561

Total $2,910,436 $2,910,436 $3,201,431

Note: 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 noninstitution-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 2023 Highlights

• The FY2023 budget was based on the FDIC’s request for reimbursement of expenses incurred for the implementation 

of Title II for the period from July 1, 2021 through June 30, 2022. Actual FY2023 expenses were, therefore, identical

to the FY2023 budget because the FDIC’s reimbursement request was submitted to the Chairperson for review prior to

the adoption of the Council’s FY2023 budget.

• Actual FY2023 expenses primarily reflected the cost of FDIC staff time for employees who worked on reimbursable 

Title II activities.

Fiscal Year 2024 Highlights

• The proposed FY2024 budget is based on actual expenses incurred by the FDIC for the period from July 1, 2022, 

through June 30, 2023.

• As in prior years, the proposed FY2024 budget largely covers the cost of FDIC staff time for employees who worked 

on reimbursable Title II activities for the 12-month period ending June 30, 2023. The number of staff hours for Title 

II planning activities increased from 16,610 hours during the 12-month reimbursement period that ended on June 30, 

2022, to 18,641 hours during the 12-month period that ended on June 30, 2023. These hours were spent primarily on 

non-institution-specific planning activities rather than planning for the resolution of individual companies. The 

increase in staff time directed toward Title II planning in the proposed FY2024 budget is smaller than the increase for 

the same in the FY2023 approved budget. In response to the increasing risk profile of certain large and complex 

insured depository institutions, FDIC staff focused more during the most recent reimbursement period on planning for 

the resolution of a large insured depository institution under the Federal Deposit Insurance Act than on the resolution 

of a systemically important financial company under Title II.