Financial Stability Oversight Council 

Dollars in Thousands FY 2021 FY 2022 FY 2023 FY 2022 to FY 2023 

Budget Activity Actuals Revixeed 

Estimate 

Revsed 

Estimate $ Change % Change 

FSOC $4,996 $7,567 $7,933 $366 4.83% 

FDIC $4,451 $3,254 $4,500 $1,246 38.29% 

Total Cost of Operations $9,447 $10,821 $12,433 $1,612 15% 

Direct FTE 15 23 27 4 17.39% 

Total Full-time Equivalents (FTE) 14 23 27 4 17.39% 

Summary 

The Financial Stability Oversight Council (FSOC or Council) anticipates a fiscal year (FY) 2023 

funding level of $12.433 million, including $7.933 million for the FSOC Secretariat and the 

Office of the Independent Member with Insurance Expertise, and $4.500 million to reimburse the 

Federal Deposit Insurance Corporation (FDIC) for certain expenses, as required by law. Of the 

$1.612 million overall increase from the FY 2022 estimated funding level, the increase to the 

FDIC reimbursement represents $1.246 million or 77 percent of this total. The increase reflects 

the need for the FSOC Secretariat to rebuild capacity and acquire resources to fulfill ongoing 

responsibilities and advance the Council’s priorities. These focus areas include: 1) nonbank 

financial intermediation; 2) Treasury market resilience; 3) climate-related financial risk; and 4) 

digital assets.

Budget Highlights

Dollars in Thousands 

 FTE Amount 

FY 2022 Estimate 23 $10,821 

Changes to Base: 

Maintaining Current Levels (MCLs): 0 $306 

Pay Annualization (2.7% average pay raise) 0 $28 

Pay Raise (4.6% average pay raise) 0 $144 

Non-Pay 0 $133 

Subtotal Changes to Base 0 $306 

FY 2023 Current Services 23 $11,127 

Program Changes: 

Program Increases: 4 $1,306 

FSOC Priority Workstream Hiring 4 1,220 

Strengthen DO Equity, Cybersecurity, IT, and facilities infrastructure 0 86 

FY 2023 Estimate 27 $12,433 

Budget Adjustments 

Maintaining Current Levels (MCLs) ..........................................................+$306,000 / +0 FTE 

Pay Annualization (2.7%) +$28,000 / +0 FTE 

Funds are requested for annualization of the January 2022 2.7% average pay raise. 

Pay Raise (4.6 % in FY 2023) +$144,000 / +0 FTE 

Funds are requested for a 4.6% average pay raise in January 2023. 
Non-Pay +$133,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, 

and equipment. 

Program Increases ......................................................................................+$1,306,000/ +4 FTE 

FSOC Priority Workstream Hiring +$1,220,000 / +4 FTE 

The FSOC Secretariat intends to increase its long-term staffing plan to 27 by four staff members. 

Preliminary work has already begun on the Council’s new initiatives, including work on 

measuring and mitigating climate-related financial risk and on understanding the potential 

financial stability risks posed by nonbank financial intermediaries. Together with staff at FSOC 

member agencies and other members, the FSOC Secretariat staff established the Council’s 

Hedge Fund Working Group (HFWG) and the Open-End Funds Working Group (OEFWG) and 

also published the Council’s Report on Climate-Related Financial Risk in 2021. The Council 

also announced plans to establish two new committees to support the Council’s climate-related 

efforts, which the FSOC Secretariat will support along with the Council’s other existing 

committees. These priorities reflect the effort required in addition to core responsibilities such as 

publishing the annual report and advancing financial stability monitoring work. 

Strengthen Departmental Offices (DO) Equity, Cybersecurity, IT, and facilities infrastructure 

+$86,000 / +0 FTE 

This funding also includes FSOC’s costs associated with Treasury’s internal equity programs, 

including growing recruitment pipelines to diverse talent and improving support and analysis of 

equity programs geared at the existing workforce. 

This effort supports Equal Employment Opportunity (EEO) efforts as required in Executive 

Orders 13985, 13988, and 14035. 

This request also provides for FSOC’s portion of funding for a Treasury funding for non-capital 

investments. These ensures costs avoid diverting DO resources away from programmatic needs. 

The funding will also support Treasury’s strengthening of cybersecurity, consistent with 

heightened risks. 

Legislative Proposals 

The FSOC has no legislative proposals. 

Description of Performance 

There are no measures specified for managing Council performance. The FSOC’s annual reports 

and other public documents provide information to the public relevant to the Council’s 

performance. Information on the Council is provided on www.treasury.gov, www.fsoc.gov. 

Performance documents for FSOC member agencies can also be found on their respective 

websites to provide transparency and accountability. 

On December 17, 2021, the Council published its annual report. The report describes activities of 

the Council over the past year, as the U.S. economy has continued to rebound from the 

disruptions caused by the COVID-19 pandemic. Additionally, the Council’s annual report 
describes significant financial market and regulatory developments, potential emerging threats to 

U.S. financial stability, and recommendations to promote U.S. financial stability. The report was 

developed collaboratively by members of the Council and their agencies and staffs. 

Certain FDIC expenses for rule writing and resolution planning are treated as expenses of the 

Council. By law, the Council’s expenses include reimbursement of reasonable implementation 

expenses incurred by the FDIC in implementing Orderly Liquidation Authority.