1

Minutes of the Financial Stability Oversight Council

Held November 11, 2011

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) 

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

John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency

(OCC) 

Roy Woodall, Independent Member with Insurance Expertise

William Haraf, Commissioner, California Department 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) 

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

member)

NOT PRESENT:

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

GUESTS: 

Department of the Treasury 

Neal S. Wolin, Deputy Secretary of the Treasury 

Lael Brainard, Under Secretary of the Treasury for International Affairs

Mary J. Miller, Assistant Secretary for Financial Markets 

Amias Gerety, Deputy Assistant Secretary for FSOC 

Christopher J. Meade, Principal Deputy General Counsel

Board of Governors of the Federal Reserve System 

Daniel K. Tarullo, Governor, Federal Reserve 

Beth Anne Wilson, Assistant Director, Division of International Finance

Commodity Futures Trading Commission 

Ananda Radhakrishnan, Director, Division of Clearing and Intermediary Oversight
2

Office of the Comptroller of the Currency 

John Lyons, Senior Deputy Comptroller for Bank Supervision and Policy and Chief National 

Bank Examiner

Federal Deposit Insurance Corporation 

Jason Cave, Deputy Director for Monitoring, Office of Complex Financial Institutions 

Federal Housing Finance Agency 

Mario Ugoletti, Special Advisor to the Director

National Credit Union Administration 

John Worth, Chief Economist

Securities and Exchange Commission 

Robert Cook, Director, Division of Trading and Markets

Office of the Independent Member with Insurance Expertise

Amanda Wise

Federal Reserve Bank of New York 

William Dudley, President and Chief Executive Officer 

California Department of Financial Institutions 

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

Bank Supervisors 

Missouri Department of Insurance, Financial Institutions, and Professional Registration 

Mark Sagat, Government Relations Policy Counsel, National Association of Insurance 

Commissioners 

North Carolina Department of the Secretary of the State, Securities Division 

Joseph Brady, General Counsel, North American Securities Administrators Association 

Federal Insurance Office

John Nolan, Senior Policy Advisor

Executive Session 

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

Council (Council) to order at 11:00 A.M. (EST). 

The Council convened by teleconference to discuss European market developments.

No votes were taken during the meeting. 

The Chairperson adjourned the meeting at approximately 11:26 A.M. (EST).