Financial Stability Oversight Council 

Program Summary by Budget Activity

Dollars in Thousands 

 FY 2020 FY 2021 FY 2022 FY 2021 to FY 2022 

Budget Activity Actual Estimated Estimated $ Change % Change 

FSOC $6,370 $6,000 $6,520 $520 8.67% 

FDIC $4,451 $4,451 $4,301 ($150) -3.38% 

Total Cost of Operations $10,821 $10,451 $10,821 $370 4% 

Direct FTE 15 18 21 3 16.67% 

Total Full-time Equivalents (FTE) 15 18 21 3 16.67% 

Note: The amounts of obligations and FTEs for 2021 in the table above differ from the amounts in the 2022 President’s Budget. This difference is 

primarily due to adjustments in anticipated spending for FSOC related to lags in hiring due to the COVID-19 pandemic and other factors efforts. 

Summary

The Financial Stability Oversight Council (FSOC or Council) is chaired by the Secretary of the 

Treasury and consists of 10 voting members and five nonvoting members who serve in an 

advisory capacity. The Council brings together the expertise of the federal financial regulators, 

an insurance expert appointed by the President, and state regulators. The Council’s three 

statutory purposes are to identify risks to the financial stability of the United States, promote 

market discipline, and to respond to emerging threats to the stability of the U.S. financial system. 

The Council has a statutory duty to facilitate information sharing and coordination among the 

member agencies regarding domestic financial services policy development, rulemaking, 

examinations, reporting requirements, and enforcement actions. 

The Financial Stability Oversight Council (FSOC or Council) is estimating a fiscal year FY 2022 

funding level of $10.821 million, which is an increase of $0.370 million from the FY 2021 

estimated funding level. This request includes $6.520 million for the FSOC Secretariat and the 

Office of the Independent Member with Insurance Expertise, and $4.301 million to reimburse the 

Federal Deposit Insurance Corporation (FDIC) for certain expenses as required by law. On 

March 31, 2021, the Council re-established the Hedge Fund Working Group to share data, 

identify risks and address potential issues related to hedge funds. The Council also committed to 

the coordination of regulators’ efforts to improve the measurement and management of climaterelated risks in the financial system as the country transitions to a net-zero carbon economy. 

 
Budget Highlights

Note: The amounts of obligations and FTEs for 2021 in the table above differ from the amounts in the 2022 President’s Budget tables. This 

difference is primarily due to adjustments in anticipated spending for FSOC related to lags in hiring due to the COVID-19 pandemic and other 

factors efforts.

Budget Adjustments

Maintaining Current Levels (MCLs)........................................... +$233,000 / +0 FTE

Pay Annualization +$9,000 / +0 FTE 

Funds are requested for annualization of the January 2021 1.0% average pay raise. 

Pay Raise (2.7% in 2022) +$72,000 / +0 FTE

Funds are requested for a 2.7% average pay raise in January 2022. 

FERS Contribution Increase +$14,000 / +0 FTE

Funds are requested for the Federal Employee Retirement System (FERS) contribution rates 

effective FY 2022. 

Non-Pay +$139,000 / +0 FTE

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

and equipment. 

Efficiency Savings..................................................................... -$190,000/ +0 FTE

DO will achieve cost savings and efficiencies in contract services through more efficient contract 

oversight, consolidating contracts where appropriate, and partnering with other agencies and DO 

components to leverage common technology or administrative support needs. 

 

FTE Amount

FY 2021 Estimate 18 $10,451

Changes to Base:

Maintaining Current Levels (MCLs): 0 $233

Pay Annualization (1.0% average pay raise) 0 $9

Pay Raise (2.7% average pay raise) 0 $72

FERS Contribution Increase 0 $14

Non-Pay 0 $139

Efficiency Savings 0 ($190)

Subtotal Changes to Base 0 $43

FY 2022 Current Services 18 $10,494

Program Changes:

Program Decreases 0 ($150)

FDIC Cost Adjustment 0 ($150)

Program Increases: 3 $477

FTE Adjustment 3 $477

FY 2022 Estimate 21 $10,821

Dollars in Thousands
Program Decreases .............................................................. -$150,000 / +0 FTE

FDIC Cost Adjustment -$150,000 / +0 FTE

Cost decrease for FDIC reimbursable expenses. FDIC reimbursable expenses for FY 2022 are 

estimated at a commensurate level with FY 2019, which reflects a slight decrease from FY 2021. 

Program Increases ...............................................................+$477,000 / +3 FTE

FTE Adjustment +$477,000 / +3 FTE

The Secretariat expects to hire additional staff early in FY 2021, bringing total Secretariat and 

Office of the Independent Member staff from its current level of 15 onboards to 21 onboards. 

Legislative Proposals 

The FSOC does not have any legislative proposals at this time. 

Description of Performance

While there are no measures specified for managing Council performance, over the last year, the 

Council continued to identify and monitor potential risks to U.S. financial stability; fulfilled its 

statutory requirements, including transmission of its ninth annual report to Congress; and served 

as a forum for coordination among member agencies. 

The Council has a statutory duty to facilitate information sharing and coordination among the 

member agencies regarding domestic financial services policy development, rulemaking, 

examinations, reporting requirements, and enforcement actions. 

Over the next year, the Council will continue to: monitor the financial system for emerging risks; 

facilitate interagency cooperation to identify and analyze emerging threats; and facilitate 

information sharing and interagency coordination with respect to various regulatory initiatives. 

By law, the Council is required to convene no less than quarterly, but the Council has convened 

on a more frequent basis to share information on key financial developments, coordinate regulatory 

implementation, and monitor progress on recommendations from the Council’s annual reports. In 

FY 2020, the Council convened five times. The Council will continue to remain focused on 

identifying near-term threats and addressing structural vulnerabilities in the financial system. 

Transparency into Council work has routinely been provided through an annual report to Congress, 

periodic Congressional testimony on Council activities and emerging threats to financial stability, 

and regular communications with the public about Council activities and decisions.