1

CHARTER OF THE CLIMATE-RELATED FINANCIAL RISK COMMITTEE

OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL 

1. Purpose. The purpose of the Climate-related Financial Risk Committee (CFRC) is to support 

the Financial Stability Oversight Council (Council) in identifying climate-related risks, and 

in responding to climate-related emerging threats, to the financial system, consistent with the 

Council’s purposes and duties under the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act). 

2. Duties. The duties of the CFRC include: 

a. Identifying priority areas for assessing and mitigating climate-related risks to the 

financial system;

b. Facilitating information sharing and coordination among staff of Council members 

and member agencies relating to climate-related risks to the financial system; 

c. Coordinating efforts among Council members and member agencies to address data 

gaps and to develop data standards regarding climate-related risks to the financial 

system; 

d. Assisting the Office of Financial Research in its efforts to provide data services to 

facilitate the assessment by Council members and member agencies of climate-related 

financial risks;

e. Overseeing the Climate-related Financial Risk Advisory Committee (CFRAC);

f. Providing updates to the Council at least semi-annually on the status of efforts by 

staff of Council members and member agencies to identify and address climaterelated financial risks; 

g. Supporting the Council’s responsibilities to annually report to and testify before 

Congress; 

h. Coordinating with other Council committees regarding issues of common interest, as 

appropriate; and

i. Performing any other work as directed by the Council or the Deputies Committee. 

3. Committee Oversight. The CFRC is subject to the direction and oversight of the Deputies 

Committee. The CFRC shall report to the Deputies Committee at least quarterly on the work 

of the CFRC and any CFRC working groups. 

4. Council Authority. The CFRC may act on behalf of the Council only to the extent that such 

authority may be expressly delegated by the Council. The activities, recommendations, and 

analysis of the CFRC are subject to review and approval by the Council. 

5. Composition. Staff of all Council members and member agencies may participate in the work 

of the CFRC. Each Council member may select one or more representatives from the staff of 
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such member or of such member’s member agency to participate on the CFRC. Such 

selections are not required to be made in writing. Council members should endeavor to 

ensure that their participants have the necessary expertise to fulfill the duties of the CFRC. 

6. Administrative Duties. The Office of the Financial Stability Oversight Council at the 

Department of the Treasury (Secretariat) will perform the administrative functions to 

facilitate the operations and work of the CFRC. Such functions may include, among others, 

calling meetings of the CFRC, preparing meeting agendas, developing work plans, 

distributing materials, producing analysis, coordinating the production of CFRC work 

product, maintaining distribution lists for purposes of communications to participants on the 

CFRC, and retaining custody of all records of the CFRC. The Secretariat will regularly 

consult and coordinate with the participants on the CFRC in performing these 

responsibilities. 

7. Meetings. The CFRC will meet not less than quarterly, with additional meetings held as the 

Council, the Deputies Committee, or the CFRC may deem appropriate. To the extent 

practicable, there will be at least one week notice prior to each meeting of the CFRC, and 

such notice shall include a preliminary agenda for the meeting. Subject to the arrangement of 

appropriate security measures, participants on the CFRC may participate in a meeting of the 

CFRC through use of videoconference, conference call, telephone, or other communications 

equipment that allows persons to be heard and to hear others in the meeting. 

8. Committee Action. The CFRC acts by consensus. If the CFRC is unable to reach consensus 

on an issue within a reasonable period of time, the CFRC shall report to the Deputies 

Committee on the positions of all participants on the CFRC regarding such issue. 

9. Working Groups. The CFRC may create working groups, as appropriate, composed of staff 

of Council members or member agencies, to perform specific functions of the CFRC. Any 

such working group is subject to the direction and oversight of the CFRC and Deputies 

Committee. The CFRC shall report the creation of any working group to the Deputies 

Committee. 

10. Confidentiality. Each participant on the CFRC shall maintain the confidentiality of any data, 

information, and reports submitted or available to the CFRC in accordance with (1) 

applicable law, (2) any applicable policies and procedures of such participant’s Council 

member or member agency, and (3) any applicable memorandum of understanding or other 

similar arrangement, including the Memorandum of Understanding Regarding the Treatment 

of Non-public Information Shared Among Parties Pursuant to the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, entered into by the Council and its members and 

member agencies, as such memorandum of understanding may be amended or replaced from 
3

time to time. Each participant on the CFRC shall take reasonable steps to protect the 

confidentiality of CFRC documents and information. The submission to the CFRC of any 

nonpublic data or information, whether written or oral, will be protected and maintained in a 

confidential manner so that all applicable privileges are preserved. Such data or information 

should be clearly identified as confidential.
1

CHARTER OF THE DATA COMMITTEE OF

THE FINANCIAL STABILITY OVERSIGHT COUNCIL

1. Purpose. The purpose of the Data Committee is to support the Financial Stability 

Oversight Council (Council) on data-related matters to assist the Council in fulfilling its 

mission to identify risks and respond to emerging threats to U.S. financial stability, and 

promote market discipline. 

2. Duties. The duties of the Data Committee include: 

a. Identifying data and information gaps and data integration needs to support the 

Council’s collection of information from member organizations; 

b. Facilitating information sharing and coordination among member organizations 

on data related matters, including data standardization; 

c. Serving as a forum for member organizations for coordinated discussion to 

support the Council in providing direction to the OFR, and to support the OFR in 

implementing the Council’s objectives; 

d. Coordinating with other Council committees regarding issues of common interest, 

as appropriate; and,

e. Performing other duties the Council and Deputies Committee may assign.

3. Committee Oversight. The Data Committee is subject to the direction and oversight of 

the Deputies Committee. The Data Committee shall report to the Deputies Committee at 

least quarterly on the work of the Data Committee and any working groups. 

4. Council Authority. The Data Committee may act on behalf of the Council only to the 

extent that such authority has been expressly delegated by the Council. The activities, 

recommendations, and analysis of the Data Committee are subject to review and approval 

by the Council. 

5. Composition. Staff of all Council members and member agencies may participate in the 

work of the Data Committee. Each Council member may select one or more 

representatives from the staff of such member or of such member’s member agency to 

participate on the Data Committee. Such selections are not required to be made in 

writing. Council members should endeavor to ensure that their participants have the 

necessary expertise to fulfill the duties of the Data Committee. 

6. Administrative Duties. The Office of the Financial Research at the Department of the 

Treasury (OFR) will perform the administrative functions to facilitate the operations and 

work of the Data Committee. Such functions may include, among others, calling 

meetings of the Data Committee, preparing meeting agendas, developing work plans, 

distributing materials, producing analysis, coordinating the production of Data

Committee work product, maintaining distribution lists for purposes of communications 

to participants on the Data Committee, and retaining custody of all records of the Data

Committee. The OFR will regularly consult and coordinate with the participants on the 

Data Committee in performing these responsibilities.
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7. Meetings. The Data Committee will meet not less than quarterly, with additional 

meetings held as the Council, the Deputies Committee, or the Data Committee may deem 

appropriate. To the extent practicable, there will be at least one week notice prior to each 

meeting of the Data Committee, and such notice shall include a preliminary agenda for 

the meeting. Subject to the arrangement of appropriate security measures, participants on 

the Data Committee may participate in a meeting of the Data Committee through use of 

conference call, telephone, or other communications equipment that allows persons to be 

heard and to hear others in the meeting. 

8. Committee Action. The Data Committee acts by consensus. If the Data Committee is 

unable to reach consensus on an issue within a reasonable period of time, the Data

Committee shall report to the Deputies Committee on the positions of all participants on 

the Data Committee regarding such issue. 

9. Working Groups. The Data Committee may create working groups, as appropriate, 

composed of staff of Council members or member agencies, to perform specific functions 

of the Data Committee. Any such working group is subject to the direction and oversight 

of the Data Committee and Deputies Committee. The Data Committee shall report the 

creation of any working group to the Deputies Committee. 

10. Confidentiality. Each participant on the Data Committee shall maintain the

confidentiality of any data, information, and reports submitted or available to the Data

Committee in accordance with (1) applicable law, (2) any applicable policies and 

procedures of such participant’s Council member or member agency, and (3) any 

applicable memorandum of understanding or other similar arrangement, including the 

Memorandum of Understanding Regarding the Treatment of Non-public Information 

Shared Among Parties Pursuant to the Dodd-Frank Wall Street Reform and Consumer 

Protection Act, entered into by the Council and its members and member agencies, as 

such memorandum of understanding may be amended or replaced from time to time. 

Each participant on the Data Committee shall take reasonable steps to protect the 

confidentiality of Data Committee documents and information. The submission to the 

Data Committee of any nonpublic data or information, whether oral or written, will be 

protected and maintained in a confidential manner so that all applicable privileges are 

preserved. Such data or information should be clearly identified as confidential.
1

CHARTER OF THE FINANCIAL MARKET UTILITIES AND PAYMENT, CLEARING, 

AND SETTLEMENT ACTIVITIES COMMITTEE 

OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL

1. UPurposeU. The purpose of the Financial Market Utilities and Payment, Clearing, and 

Settlement Activities Committee (FMU Committee) is to support the Financial Stability 

Oversight Council (Council) in fulfilling the Council’s responsibilities relating to

financial market utilities (FMUs) and payment, clearing, or settlement (PCS) activities 

under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank 

Act).

2. UDutiesU. The duties of the FMU Committee include:

a. Conducting analyses and providing recommendations to the Council related to the 

potential designation of FMUs or PCS activities as systemically important 

pursuant to section 804 of the Dodd-Frank Act;

b. Conducting reviews of designated FMUs and PCS activities in order to evaluate 

whether the designation remains appropriate;

c. Consulting with Supervisory Agencies (as defined in the Dodd-Frank Act) 

regarding risk-management standards applicable to designated FMUs and PCS 

activities pursuant to section 805 of the Dodd-Frank Act;

d. Discussing developing supervisory or enforcement issues related to section 

807(e), section 807(f), or section 808(e) of the Dodd-Frank Act, that are raised by 

the Board of Governors of the Federal Reserve System, the relevant Supervisory 

Agency, or the relevant appropriate financial regulator;

e. Consulting with the appropriate Supervisory Agency or the appropriate financial 

regulator regarding any information requests or recordkeeping or reporting 

requirements pursuant to section 809 of the Dodd-Frank Act;

f. Identifying and monitoring potential threats or risks to U.S. financial stability that 

could be related to or mitigated through FMUs or PCS activities;

g. Coordinating with other Council committees regarding issues of common interest, 

as appropriate; and

h. Performing any other work as directed by the Council or the Deputies Committee.

3. UCommittee OversightU. The FMU Committee is subject to the direction and oversight of 

the Deputies Committee. The FMU Committee shall report to the Deputies Committee at 

least annually on the work of the FMU Committee and any working groups. 

4. UCouncil AuthorityU. The FMU Committee may act on behalf of the Council only to the 

extent that such authority has been expressly delegated by the Council. The activities, 

recommendations, and analysis of the FMU Committee are subject to review and 

approval by the Council. 

5. UCompositionU. Staff of all Council members and member agencies may participate in the 

work of the FMU Committee. Each Council member may select one or more 
2

representatives from the staff of such member or of such member’s member agency to 

participate on the FMU Committee. Such selections are not required to be made in 

writing. Council members should endeavor to ensure that their participants have the 

necessary expertise to fulfill the duties of the FMU Committee. 

6. UAdministrative DutiesU. The Office of the Financial Stability Oversight Council at the 

Department of the Treasury (Secretariat) will perform the administrative functions to 

facilitate the operations and work of the FMU Committee. Such functions may include, 

among others, calling meetings of the FMU Committee, preparing meeting agendas, 

developing work plans, distributing materials, producing analysis, coordinating the 

production of FMU Committee work product, maintaining distribution lists for purposes 

of communications to participants on the FMU Committee, and retaining custody of all 

records of the FMU Committee. The Secretariat will regularly consult and coordinate 

with the participants on the FMU Committee in performing these responsibilities.

7. UMeetingsU. The FMU Committee will meet not less than quarterly, with additional 

meetings held as the Council, the Deputies Committee, or the FMU Committee may 

deem appropriate. To the extent practicable, there will be at least one week notice prior 

to each meeting of the FMU Committee, and such notice shall include a preliminary 

agenda for the meeting. Subject to the arrangement of appropriate security measures, 

participants on the FMU Committee may participate in a meeting of the FMU Committee 

through use of conference call, telephone, or other communications equipment that 

allows persons to be heard and to hear others in the meeting. 

8. UCommittee ActionU. The FMU Committee acts by consensus. If the FMU Committee is 

unable to reach consensus on an issue within a reasonable period of time, the FMU

Committee shall report to the Deputies Committee on the positions of all participants on 

the FMU Committee regarding such issue. 

9. UWorking Groups and Analytical TeamsU. The FMU Committee may create working 

groups and analytical teams, as appropriate, composed of staff of Council members or 

member agencies, to perform specific functions of the FMU Committee. Any such 

working group is subject to the direction and oversight of the FMU Committee and 

Deputies Committee. The FMU Committee shall report the creation of any working 

group to the Deputies Committee. 

10. UConfidentialityU. Each participant on the FMU Committee shall maintain the 

confidentiality of any data, information, and reports submitted or available to the FMU

Committee in accordance with (1) applicable law, (2) any applicable policies and 

procedures of such participant’s Council member or member agency, and (3) any 

applicable memorandum of understanding or other similar arrangement, including the 

Memorandum of Understanding Regarding the Treatment of Non-public Information 

Shared Among Parties Pursuant to the Dodd-Frank Wall Street Reform and Consumer 

Protection Act, entered into by the Council and its members and member agencies, as 

such memorandum of understanding may be amended or replaced from time to time. 

Each participant on the FMU Committee shall take reasonable steps to protect the 
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confidentiality of FMU Committee documents and information. The submission to the 

FMU Committee of any nonpublic data or information, whether written or oral, will be 

protected and maintained in a confidential manner so that all applicable privileges are 

preserved. Such data or information should be clearly identified as confidential.
1

CHARTER OF THE NONBANK FINANCIAL COMPANIES DESIGNATIONS

COMMITTEE OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL

1. Purpose. The purpose of the Nonbank Financial Companies Designations Committee 

(Nonbank Designations Committee) is to support the Financial Stability Oversight 

Council (Council) in fulfilling the Council’s responsibilities to consider, make, and 

review determinations that nonbank financial companies shall be supervised by the Board 

of Governors of the Federal Reserve System and be subject to enhanced prudential 

standards, pursuant to section 113 of the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act).

2. Duties. The duties of the Nonbank Designations Committee include:

a. Conducting analyses and making recommendations to the Deputies Committee 

and the Council related to potential determinations that material financial distress

at a nonbank financial company, or the nature, scope, size, scale, concentration, 

interconnectedness, or mix of the activities of a nonbank financial company, 

could pose a threat to U.S. financial stability, pursuant to section 113 of the DoddFrank Act;

b. Performing actions related to the exercise of the Council’s authorities under 

section 113 of the Dodd-Frank Act, including communicating with companies 

under evaluation, consulting with regulatory or supervisory agencies, and 

coordinating written or oral hearings;

c. Conducting periodic reviews of each Council final determination and making 

recommendations to the Deputies Committee and the Council regarding whether a

nonbank financial company continues to meet the standards for a determination, 

pursuant to section 113(d) of the Dodd-Frank Act;

d. Coordinating with other Council committees regarding issues of common interest, 

as appropriate; and

e. Performing any other work as directed by the Council or the Deputies Committee.

3. Committee Oversight. The Nonbank Designations Committee is subject to the direction 

and oversight of the Deputies Committee. The Nonbank Designations Committee shall 

report to the Deputies Committee at least quarterly on the work of the Nonbank 

Designations Committee and any working groups. 

4. Council Authority. The Nonbank Designations Committee may act on behalf of the 

Council only to the extent that such authority has been expressly delegated by the 

Council. The activities, recommendations, and analysis of the Nonbank Designations

Committee are subject to review and approval by the Council. 

5. Composition. Staff of all Council members and member agencies may participate in the 

work of the Nonbank Designations Committee. Each Council member may select one or 

more representatives from the staff of such member or of such member’s member agency 

to participate on the Nonbank Designations Committee. Such selections are not required 
2

to be made in writing. Council members should endeavor to ensure that their participants 

have the necessary expertise to fulfill the duties of the Nonbank Designations Committee. 

6. Administrative Duties. The Office of the Financial Stability Oversight Council at the 

Department of the Treasury (Secretariat) will perform the administrative functions to 

facilitate the operations and work of the Nonbank Designations Committee. Such 

functions may include, among others, calling meetings of the Nonbank Designations

Committee, preparing meeting agendas, developing work plans, distributing materials, 

producing analysis, coordinating the production of Nonbank Designations Committee 

work product, maintaining distribution lists for purposes of communications to 

participants on the Nonbank Designations Committee, and retaining custody of all 

records of the Nonbank Designations Committee. The Secretariat will regularly consult 

and coordinate with the participants on the Nonbank Designations Committee in 

performing these responsibilities.

7. Meetings. The Nonbank Designations Committee will meet not less than quarterly, with 

additional meetings held as the Council, the Deputies Committee, or the Nonbank 

Designations Committee may deem appropriate. To the extent practicable, there will be 

at least one week notice prior to each meeting of the Nonbank Designations Committee, 

and such notice shall include a preliminary agenda for the meeting. Subject to the 

arrangement of appropriate security measures, participants on the Nonbank Designations

Committee may participate in a meeting of the Nonbank Designations Committee 

through use of conference call, telephone, or other communications equipment that 

allows persons to be heard and to hear others in the meeting. 

8. Committee Action. The Nonbank Designations Committee acts by consensus. If the 

Nonbank Designations Committee is unable to reach consensus on an issue within a 

reasonable period of time, the Nonbank Designations Committee shall report to the 

Deputies Committee on the positions of all participants on the Nonbank Designations

Committee regarding such issue. 

9. Working Groups and Analytical Teams. The Nonbank Designations Committee may 

create working groups and analytical teams, as appropriate, composed of staff of Council 

members or member agencies, to perform specific functions of the Nonbank Designations

Committee. Any such working group is subject to the direction and oversight of the 

Nonbank Designations Committee and Deputies Committee. The Nonbank Designations

Committee shall report the creation of any working group to the Deputies Committee. 

10. Confidentiality. Each participant on the Nonbank Designations Committee shall 

maintain the confidentiality of any data, information, and reports submitted or available 

to the Nonbank Designations Committee in accordance with (1) applicable law, (2) any 

applicable policies and procedures of such participant’s Council member or member 

agency, and (3) any applicable memorandum of understanding or other similar 

arrangement, including the Memorandum of Understanding Regarding the Treatment of 

Non-public Information Shared Among Parties Pursuant to the Dodd-Frank Wall Street 

Reform and Consumer Protection Act, entered into by the Council and its members and 
3

member agencies, as such memorandum of understanding may be amended or replaced 

from time to time. Each participant on the Nonbank Designations Committee shall take

reasonable steps to protect the confidentiality of Nonbank Designations Committee 

documents and information. The submission to the Nonbank Designations Committee of 

any nonpublic data or information, whether written or oral, will be protected and 

maintained in a confidential manner so that all applicable privileges are preserved. Such 

data or information should be clearly identified as confidential.
1

CHARTER OF THE REGULATION AND RESOLUTION COMMITTEE 

OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL

1. UPurposeU. The purpose of the Regulation and Resolution Committee is to support the 

Financial Stability Oversight Council (Council) in its duties to identify potential gaps in 

regulation that could pose risks to the financial stability of the United States, consistent 

with the Council’s responsibilities under the Dodd-Frank Wall Street Reform and 

Consumer Protection Act (Dodd-Frank Act). 

2. UDutiesU. The duties of the Committee include:

a. Supporting the Council in monitoring domestic and international financial 

regulatory proposals and developments related to U.S. financial stability and 

periodically reporting to the Deputies Committee on such proposals and 

developments;

b. Serving as a forum for information sharing and coordination among the staff of 

Council members, member agencies and other federal and state agencies, as 

appropriate, regarding domestic financial services policy development;

c. In consultation with the Deputies Committee, supporting the development of 

Council recommendations to member agencies on general supervisory priorities 

and principles; 

d. Supporting the Council in consulting and providing recommendations, as 

appropriate, on the development by the Board of Governors of the Federal 

Reserve System of heightened prudential standards for nonbank financial 

companies and large, interconnected bank holding companies;

e. Supporting the Council with respect to any recommendations regarding resolution 

plan requirements;

f. Supporting the Council with respect to any orders to require a company to divest 

certain assets or operations pursuant to section 165(d)(5) of the Dodd-Frank Act;

g. Consulting, as appropriate, on the development of rules or regulations to 

implement the orderly liquidation authority under Title II of the Dodd-Frank Act;

h. Coordinating with other Council committees regarding issues of common interest, 

as appropriate; and,

i. Performing any other work as directed by the Council or the Deputies Committee.

3. UCommittee OversightU. The Committee is subject to the direction and oversight of the 

Deputies Committee. The Committee shall report to the Deputies Committee at least 

quarterly on the work of the Committee and any working groups. 

4. UCouncil AuthorityU. The Committee may act on behalf of the Council only to the extent 

that such authority has been expressly delegated by the Council. The activities, 

recommendations, and analysis of the Committee are subject to review and approval by 

the Council. 
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5. UCompositionU. Staff of all Council members and member agencies may participate in the 

work of the Committee. Each Council member may select one or more representatives 

from the staff of such member or of such member’s member agency to participate on the 

Committee. Such selections are not required to be made in writing. Council members 

should endeavor to ensure that their participants have the necessary expertise to fulfill the 

duties of the Committee. 

6. UAdministrative DutiesU. The Office of the Financial Stability Oversight Council at the 

Department of the Treasury (Secretariat) will perform the administrative functions to 

facilitate the operations and work of the Committee. Such functions may include, among 

others, calling meetings of the Committee, preparing meeting agendas, developing work 

plans, distributing materials, producing analysis, coordinating the production of 

Committee work product, maintaining distribution lists for purposes of communications 

to participants on the Committee, and retaining custody of all records of the Committee. 

The Secretariat will regularly consult and coordinate with the participants on the 

Committee in performing these responsibilities.

7. UMeetingsU. The Committee will meet not less than quarterly, with additional meetings 

held as the Council, the Deputies Committee, or the Committee may deem appropriate. 

To the extent practicable, there will be at least two weeks notice prior to each meeting of 

the Committee, and such notice shall include a preliminary agenda for the meeting. 

Subject to the arrangement of appropriate security measures, participants on the 

Committee may participate in a meeting of the Committee through use of conference call, 

telephone, or other communications equipment that allows persons to be heard and to 

hear others in the meeting. 

8. UCommittee ActionU. The Committee acts by consensus. If the Committee is unable to 

reach consensus on an issue within a reasonable period of time, the Committee shall 

report to the Deputies Committee on the positions of all participants on the Committee 

regarding such issue. 

9. UWorking GroupsU. The Committee may create working groups, as appropriate, composed 

of staff of Council members or member agencies, to perform specific functions of the 

Committee. Any such working group is subject to the direction and oversight of the 

Committee and Deputies Committee. The Committee shall report the creation of any 

working group to the Deputies Committee. 

10. UConfidentialityU. Each participant on the Committee shall maintain the confidentiality of 

any data, information, and reports submitted or available to the Committee in accordance 

with (1) applicable law, (2) any applicable policies and procedures of such participant’s 

Council member or member agency, and (3) any applicable memorandum of 

understanding or other similar arrangement, including the Memorandum of 

Understanding Regarding the Treatment of Non-public Information Shared Among 

Parties Pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, 

entered into by the Council and its members and member agencies, as such memorandum 

of understanding may be amended or replaced from time to time. Each participant on the 
3

Committee shall take reasonable steps to protect the confidentiality of Committee 

documents and information. The submission to the Committee of any nonpublic data or 

information, whether written or oral, will be protected and maintained in a confidential 

manner so that all applicable privileges are preserved. Such data or information should 

be clearly identified as confidential.
1

CHARTER OF THE SYSTEMIC RISK COMMITTEE 

OF THE FINANCIAL STABILITY OVERSIGHT COUNCIL

1. Purpose. The purpose of the Systemic Risk Committee (SRC) is to support the Financial 

Stability Oversight Council (Council) in identifying risks to, and in responding to 

emerging threats to, the stability of the United States financial system, consistent with the 

Council’s responsibilities under the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (Dodd-Frank Act).

2. Duties. The duties of the SRC include:

a. Monitoring and analyzing financial markets, the financial system and issues 

related to financial stability to support the Council’s work to identify and respond 

to risks and emerging threats to the stability of the United States financial system;

b. Facilitating information sharing and coordination among staff of Council 

members and member agencies to help identify and respond to risks to the 

stability of the United States financial system;

c. Supporting the Council’s responsibilities to annually report to and testify before 

Congress;

d. Coordinating with other Council committees regarding issues of common interest, 

as appropriate; and,

e. Performing any other work as directed by the Council or the Deputies Committee.

3. Committee Oversight. The SRC is subject to the direction and oversight of the Deputies 

Committee. The SRC shall report to the Deputies Committee at least quarterly on the 

work of the SRC and any working groups. 

4. Council Authority. The SRC may act on behalf of the Council only to the extent that 

such authority has been expressly delegated by the Council. The activities, 

recommendations, and analysis of the SRC are subject to review and approval by the 

Council. 

5. Composition. Staff of all Council members and member agencies may participate in the 

work of the SRC. Each Council member may select one or more representatives from the 

staff of such member or of such member’s member agency to participate on the SRC. 

Such selections are not required to be made in writing. Council members should 

endeavor to ensure that their participants have the necessary expertise to fulfill the duties 

of the SRC. 

6. Administrative Duties. The Office of the Financial Stability Oversight Council at the 

Department of the Treasury (Secretariat) will perform the administrative functions to 

facilitate the operations and work of the SRC. Such functions may include, among 

others, calling meetings of the SRC, preparing meeting agendas, developing work plans, 

distributing materials, producing analysis, coordinating the production of SRC work 

product, maintaining distribution lists for purposes of communications to participants on 
2

the SRC, and retaining custody of all records of the SRC. The Secretariat will regularly 

consult and coordinate with the participants on the SRC in performing these 

responsibilities.

7. Meetings. The SRC will meet not less than quarterly, with additional meetings held as 

the Council, the Deputies Committee, or the SRC may deem appropriate. To the extent 

practicable, there will be at least one week notice prior to each meeting of the SRC, and 

such notice shall include a preliminary agenda for the meeting. Subject to the 

arrangement of appropriate security measures, participants on the SRC may participate in 

a meeting of the SRC through use of conference call, telephone, or other communications 

equipment that allows persons to be heard and to hear others in the meeting. 

8. Committee Action. The SRC acts by consensus. If the SRC is unable to reach consensus 

on an issue within a reasonable period of time, the SRC shall report to the Deputies 

Committee on the positions of all participants on the SRC regarding such issue. 

9. Working Groups. The SRC may create working groups, as appropriate, composed of 

staff of Council members or member agencies, to perform specific functions of the SRC. 

Any such working group is subject to the direction and oversight of the SRC and 

Deputies Committee. The SRC shall report the creation of any working group to the 

Deputies Committee. 

10. Confidentiality. Each participant on the SRC shall maintain the confidentiality of any 

data, information, and reports submitted or available to the SRC in accordance with (1) 

applicable law, (2) any applicable policies and procedures of such participant’s Council 

member or member agency, and (3) any applicable memorandum of understanding or 

other similar arrangement, including the Memorandum of Understanding Regarding the 

Treatment of Non-public Information Shared Among Parties Pursuant to the Dodd-Frank 

Wall Street Reform and Consumer Protection Act, entered into by the Council and its 

members and member agencies, as such memorandum of understanding may be amended 

or replaced from time to time. Each participant on the SRC shall take reasonable steps to 

protect the confidentiality of SRC documents and information. The submission to the 

SRC of any nonpublic data or information, whether written or oral, will be protected and 

maintained in a confidential manner so that all applicable privileges are preserved. Such 

data or information should be clearly identified as confidential.