U.S. Department of the Treasury

Office of Public Affairs

Press Release: December 16, 2022

Contact: Treasury Public Affairs, press@treasury.gov

READOUT: Financial Stability Oversight Council Meeting on 

December 16, 2022

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

the Financial Stability Oversight Council (Council) in executive and public sessions at the U.S. 

Department of the Treasury (Treasury). 

During the executive session, the Council heard a presentation from staff of the Federal Reserve 

Bank of New York on market developments related to digital assets. Council members stated 

that they continue to monitor developments related to digital assets and that spillovers to the 

traditional financial system have remained limited.

The Council also received an update from Treasury staff on work by the Inter-Agency Working 

Group on Treasury Market Surveillance (IAWG). Council members discussed steps agencies are 

taking to enhance the resilience of the U.S. Treasury market, as described in the staff progress 

report issued by the IAWG on November 10, 2022. 

Additionally, the Council heard a presentation from staff of the Securities and Exchange 

Commission (SEC) on its proposed rule on open-end funds, which is intended to address the 

underlying structural liquidity mismatch in these funds. Council members discussed the 

importance of reforms to address the potential risks to financial stability from liquidity 

transformation in open-end funds. 

During the public session, the Council received an update from the Federal Reserve Board on the 

transition from LIBOR to alternative reference rates, highlighting the importance of remediating 

legacy contracts before the publication of LIBOR ends.

The Council also received a presentation from the Federal Reserve Board on its work on climaterelated financial risks, including the Federal Reserve Board’s pilot climate scenario analysis 
exercise and proposed principles for the management of climate-related financial risks for large 

banking organizations. 

Additionally, the Council heard a presentation on the Council’s 2022 annual report and voted 

unanimously to approve the report. 

The Council also voted to approve the minutes of its previous meeting on November 4, 2022. 

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, Acting 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

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

• Charles G. Cooper, Commissioner, Texas Department of Banking (non-voting member)

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

Business Regulation (non-voting member)

• 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 annual report 

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

####