U.S. Department of the Treasury

Office of Public Affairs

Press Release: February 23, 2024

Contact: Treasury Public Affairs, press@treasury.gov

READOUT: Financial Stability Oversight Council Meeting on 

February 23, 2024

WASHINGTON – Today, U.S. Secretary of the Treasury Janet L. Yellen convened a meeting of 

the Financial Stability Oversight Council (Council) in executive session at the U.S. Department 

of the Treasury (Treasury). 

During the meeting, the Council heard an update by Chair Gensler of the Securities and 

Exchange Commission (SEC) on the SEC’s regulatory initiatives, including on the securities 

settlement cycle, central clearing and dealer registration, short-term funding markets, and private 

fund reporting. 

The Council also heard an update by Office of the Comptroller of the Currency (OCC) staff on 

banking and commercial real estate (CRE) market developments. Recent market volatility has 

reinforced the importance of strong supervision of CRE exposures at banks and other financial 

institutions. The Council will continue to closely monitor developments in CRE markets. 

In addition, the Council received a presentation by Consumer Financial Protection Bureau 

(CFPB) staff on the CFPB’s proposed rule for defining larger participants of a market for 

general-use digital consumer payment applications. Council members discussed the evolving 

payments landscape and new entrants in the sector. 

The Council also heard a presentation by Treasury staff on the Council’s progress on its 2023 

priorities and proposals for the Council’s 2024 priorities. The Council supported continued work 

on its existing priorities, which include nonbank financial intermediation, climate-related 

financial risk, Treasury market resilience, and risks related to digital assets. Council members 

also discussed the need for continued application of its analytic framework to identify, assess,

and address financial stability risk, as well as monitoring and engagement on cyber resilience, 

financial market utilities, and artificial intelligence. 
Additionally, the Council received an update by Office of Financial Research (OFR) staff on the 

OFR’s work to collect data on non-centrally cleared bilateral repurchase agreement transactions.

Council members emphasized the importance of this work, which is intended to bring greater 

official-sector transparency to the largest and most opaque segment of the secured financing 

market. 

The Council also voted to approve the minutes of its previous meeting on December 14, 2023. 

In attendance at the Council meeting at Treasury or virtually were the following members: 

• Janet L. Yellen, Secretary of the Treasury (Chairperson of the Council)

• Jerome H. Powell, Chair, Board of Governors of the Federal Reserve System

• Michael J. Hsu, Acting Comptroller of the Currency

• Rohit Chopra, Director, Consumer Financial Protection Bureau

• Gary Gensler, Chair, Securities and Exchange Commission

• Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation

• Rostin Behnam, Chairman, Commodity Futures Trading Commission

• Sandra L. Thompson, Director, Federal Housing Finance Agency

• Todd M. Harper, Chairman, National Credit Union Administration

• Thomas Workman, Independent Member with Insurance Expertise

• Stacey Schreft, Deputy Director, Office of Financial Research (non-voting member)

(acting pursuant to delegated authority) 

• Steven Seitz, Director, Federal Insurance Office (non-voting member)

• Elizabeth K. Dwyer, Superintendent of Financial Services, Rhode Island Department of 

Business Regulation (non-voting member)

• Adrienne A. Harris, Superintendent, New York State Department of Financial Services

(non-voting member) (virtual) 

• Melanie Lubin, Securities Commissioner, Office of the Attorney General of Maryland, 

Securities Division (non-voting member)

Additional information regarding the Council, its work, and the recently approved meeting 

minutes is available at http://www.fsoc.gov.

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