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Minutes of the Financial Stability Oversight Council

Held October 30, 2012

PRESENT: 

Timothy F. Geithner, Secretary of the Treasury and Chairperson of the Financial Stability 

Oversight Council 

Ben Bernanke, Chairman, Board of Governors of the Federal Reserve System (Federal Reserve)

Martin J. Gruenberg, Acting Chairperson, Federal Deposit Insurance Corporation (FDIC) 

Mary Schapiro, Chairman, Securities and Exchange Commission (SEC) 

Gary Gensler, Chairman, Commodity Futures Trading Commission (CFTC) 

Richard Cordray, Director, Consumer Financial Protection Bureau (CFPB)

Edward DeMarco, Acting Director, Federal Housing Finance Agency (FHFA)

Debbie Matz, Chairman, National Credit Union Administration (NCUA)

Thomas J. Curry, Comptroller of the Currency, Office of the Comptroller of the Currency (OCC) 

Roy Woodall, Independent Member with Insurance Expertise

Michael McRaith, Director, Federal Insurance Office, Department of the Treasury (non-voting 

member)

John P. Ducrest, Commissioner, Louisiana Office of Financial Institutions (non-voting member)

John Huff, Director, Missouri Department of Insurance, Financial Institutions, and Professional 

Registration (non-voting member)

David Massey, Deputy Securities Administrator, North Carolina Department of the Secretary of 

State, Securities Division (non-voting member) 

GUESTS: 

Department of the Treasury 

Neal S. Wolin, Deputy Secretary

Mary J. Miller, Under Secretary for Domestic Finance

Matthew Rutherford, Assistant Secretary for Financial Markets

Cyrus Amir-Mokri, Assistant Secretary for Financial Institutions

Amias Gerety, Deputy Assistant Secretary for FSOC

Leigh Williams, Director, Office of Critical Infrastructure Protection and Compliance Policy

Christopher J. Meade, Acting General Counsel

Board of Governors of the Federal Reserve System 

Daniel K. Tarullo, Governor

Jeff J. Stehm, Senior Associate Director, Division of Reserve Bank Operations and Payment 

Systems 

Federal Deposit Insurance Corporation 

Doreen Eberley, Senior Deputy Director, Risk Management Supervision

Securities and Exchange Commission 

Robert Cook, Director, Division of Trading and Markets
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Commodity Futures Trading Commission

Dan Berkovitz, General Counsel

David Taylor, Associate Director, Division of Market Oversight

Consumer Financial Protection Bureau

Raj Date, Deputy Director

Federal Housing Finance Agency 

George Sacco, Senior Analyst

National Credit Union Administration 

John Worth, Chief Economist

Office of the Comptroller of the Currency 

John Lyons, Senior Deputy Comptroller and Chief National Bank Examiner

Office of the Independent Member with Insurance Expertise

Chris Ledoux, Senior Advisor

Federal Reserve Bank of New York

William Dudley, President and Chief Executive Officer

Simon Potter, Executive Vice President of Markets

Federal Insurance Office

John Nolan, Senior Policy Advisor

Louisiana Office of Financial Institutions

Michael Stevens, Senior Vice President and Director of Regulatory Affairs, Conference of State 

Banking Supervisors

Missouri Department of Insurance, Financial Institutions, and Professional Registration 

Mark Sagat, Counsel and Manager, Financial Policy and Legislation, National Association of 

Insurance Commissioners

Executive Session 

The Chairperson called the executive session of the meeting of the Financial Stability Oversight 

Council (Council) to order at approximately 5:01 P.M. (EDT). The Council convened by 

teleconference to continue its discussion that began on October 29, 2012 regarding the impact of 

Hurricane Sandy on financial markets and infrastructure. 

The Chairperson led a discussion regarding the impact of Hurricane Sandy on financial markets 

and infrastructure. The Council then received briefings regarding market conditions, 

infrastructure, bank operations, and insurance. It was reported that all major payment, clearing, 

and settlement infrastructures were operating normally, utilizing their backup contingency sites 

as necessary. After the briefings, members of the Council asked questions and had a discussion, 
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including about potential challenges that may arise going forward related to transportation, 

communication, and power outages in the New York region. 

 

The Chairperson adjourned the meeting at approximately 5:37 P.M. (EDT).