Department of the Treasury

Financial Stability Oversight 

Council

Congressional Budget

Justification and Annual 

Performance Plan and Report

FY 2024
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Table of Contents

Section I – Budget Request........................................................................................................... 3

A – Mission Statement................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Resources Detail Table.................................................................................................. 3

1.2 – Budget Adjustments Table............................................................................................ 4

C – Budget Increases and Decreases Description....................................................................... 4

1.3 – Object Classification (Schedule O) Obligations................................................................ 6

D – Appropriations Language and Explanation of Changes ...................................................... 6

E – Legislative Proposals............................................................................................................ 6

Section II – Annual Performance Plan and Report................................................................... 7

A – Strategic Alignment ............................................................................................................. 7

B – Budget and Performance by Budget Activity ...................................................................... 7

2.1.1 – Financial Stability Oversight Council Resources and Measures.................................... 7

2.1.2 – FDIC Reimbursement Resources and Measures............................................................. 8

Section III – Additional Information .......................................................................................... 8

A – Summary of Capital Investments......................................................................................... 8
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Section I – Budget Request

A – Mission Statement

To identify risks to the financial stability of the United States, to promote market discipline, and 

to respond to emerging threats to the stability of the U.S. financial system.

B – Summary of the Request

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

(FY) 2024 funding level of $19.449 million, which includes $14.949 million for the FSOC 

Secretariat and the Office of the Independent Member with Insurance Expertise, and 

$4.500 million to reimburse the Federal Deposit Insurance Corporation (FDIC) for certain 

expenses as required by law. Of the $4.814 million overall increase from the FY 2023 revised 

estimate, the FSOC programs represents $3.224 million or 67 percent of this total. This increase 

is necessary to make progress on the Council’s priorities, and to build the infrastructure needed 

to support the Council’s work across all the member agencies.

 

The increase in funding reflects the need for the FSOC Secretariat to rebuild capacity and 

acquire additional resources to fulfill the ongoing responsibilities of the Council as well as to 

advance the Council’s new priorities outlined by the Treasury Secretary, who serves as Council 

Chairperson. These areas of focus include identifying and addressing potential risks posed by 

nonbank financial intermediation and its role in amplification of market stresses; supporting the 

interagency review of the Treasury market following the market dislocation in March 2020; 

evaluating potential financial stability risks and regulatory gaps associated with digital assets; 

and coordinating efforts to improve the measurement and mitigation of climate-related risks in 

the financial system. 

1.1 – Resources Detail Table

Dollars in Thousands

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budgetary Resources Actual Revised Estimate Estimate % Change

Revenue/Offsetting 

Collections FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

Assessments 0 $10,557 0 $13,456 0 $14,655 NA 8.9%

Interest 0 $64 0 $276 0 $310 NA 12.3%

Recoveries 0 $854 0 $120 0 $144 NA 20.0%

Restoration of Sequestration 

Rescission 0 $469 0 $605 0 $783 NA 29.3%

Unobligated Balances from 

Prior Years 0 $6,328 0 $8,859 0 $7,898 NA -10.8%

Total Revenue/Offsetting 

Collections 0 $18,272 0 $23,316 0 $23,790 NA 2.0% 

Obligations

FSOC 17 $5,554 34 $11,725 44 $14,949 29.4% 27.5%

FDIC 0 $3,254 0 $2,910 0 $4,500 NA 54.6%

Total Expenses/Obligations 17 $8,808 34 $14,635 44 $19,449 29.4% 32.9%

Sequestration Reduction ($605) ($783) ($853)

Net Results 17 8,859 34 $7,898 44 $3,488 29.4% -55.8%

1) The FSOC is financed through assessments on certain bank holding companies and nonbank financial companies. For Treasury’s rule 

governing the assessment process, see 31 CFR Part 150 and Treasury’s final rule and interim final rule governing the Assessments process: 

https://www.financialresearch.gov/strategy-budget/files/Final_rule.pdf

2) For information regarding current and historical assessment rates: https://www.financialresearch.gov/strategy-budget/ 

3) The funding for the first six months of operating expenses and 12 months of capital expenses are reflected in Unobligated Balances from Prior 

Years. This is because the first assessment covering the fiscal year beginning October 1 is collected on September 15 of the prior fiscal year. 
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1.2 – Budget Adjustments Table

Dollars in Thousands

FTE Amount

FY 2023 President's Budget 27 $12,433 

Program Changes:

Program Decreases 0 ($1,590)

FDIC Payments 0 ($1,590)

Program Increases: 7 $3,792 

FSOC Priority Workstream Hiring 7 $3,792 

FY 2023 Revised Estimate 34 $14,635 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $498 

Pay Annualization (4.6% average pay raise) 0 $76 

Pay Raise (5.2% average pay raise) 0 $262 

Non-Pay 0 $160 

Subtotal Changes to Base 0 $498 

FY 2024 Current Services 34 $15,133 

Program Changes:

Program Increases: 10 $4,316 

Rebuilding FSOC Infrastructure and Capability 10 $2,667 

FDIC Payment Increase 0 $1,590 

Make Critical Administrative Investments (Hiring, Evidence Act, and Facilities) 0 $59 

FY 2024 Estimate 44 $19,449 

C – Budget Increases and Decreases Description 

Program Changes ......................................................................................+$2,202,000 / +7 FTE 

Decrease in FDIC Reimbursement (-$1,590,000) / -0 FTE

Reflects decreases to reimbursements from FY 2022 based on actual expenses incurred by the 

FDIC from the period from July 1, 2021, through June 30, 2022. Costs have been reduced from 

prior estimates due to a lower-than-anticipated number of staff hours focused on Title II planning 

activities during the reimbursement period that ended on June 30, 2022.

FSOC Priority Workstream Hiring +$3,792,000 / +7 FTE 

To fulfill the priorities set forth by the Secretary, acting in her capacity as the Chairperson of the 

Council, the FSOC Secretariat intends to increase its long-term staffing plan from 27 to 44 by 

hiring 17 additional FTE, of which seven net FTE will be added in FY 2023. These new FTE 

will support increased Council work on priorities including risks related to digital assets, climaterelated financial risk, nonbank financial intermediation, and Treasury market resilience, as well 

as other initiatives.

Maintaining Current Levels (MCLs) ..........................................................+$498,000 / +0 FTE 

Pay Annualization (4.6%) +$76,000 / +0 FTE

Funds are requested for annualization of the January 2023 4.6 percent average pay raise. 

Pay Raise (5.2%) +$262,000 / +0 FTE

Funds are requested for a 5.2 percent average pay raise in January 2024. 
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Non-Pay +$160,000 / +0 FTE

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

equipment. 

Program Increases ....................................................................................+$4,316,000 / +10 FTE

Rebuilding FSOC Infrastructure and Capability +$2,667,000 / +10 FTE

To fulfill the priorities set forth by the Secretary, acting in her capacity as the Chairperson of the 

Council, the FSOC Secretariat intends to increase its long-term staffing plan from 34 to 44 by 

hiring 10 additional FTE that will on-board during FY 2023 and FY 2024. 

Since 2021, the FSOC has been revitalized to serve as a key forum for interagency collaboration, 

and a key tool for the U.S. Government to promote U.S. financial stability – as intended at its 

establishment in 2010. Given the FSOC’s expanding portfolio and critical policy priorities, the 

FSOC Secretariat must continue to rebuild and grow to successfully execute the Council’s 

mission. Additional staff will be needed to advance the Council’s efforts in these important 

areas. These priorities reflect the effort required in addition to core responsibilities such as 

publishing the annual report. 

FSOC member agencies look to the FSOC Secretariat to advance critical leadership and 

coordination around the Council’s priorities and to build the infrastructure needed to support the 

Council’s work across all the member agencies. Each of FSOC’s financial stability priorities 

requires – and will continue to require – extensive and complex policy development, analysis, 

and interagency coordination. The Council also works on further policy areas of focus, and in 

addition the Secretariat will be working to ramp up its financial stability monitoring efforts, 

which are central to its statutory mission. The FSOC has already been identified twice by the 

Administration as the appropriate entity to produce extensive, in-depth reports on emerging risks 

to the financial system. In March 2022, the President’s Executive Order on Ensuring Responsible 

Development of Digital Assets tasked the FSOC with producing a “report outlining the specific 

financial stability risks and regulatory gaps posed by various types of digital assets and providing 

recommendations to address such risks.” In May 2021, the FSOC was tasked with producing a 

report on climate-related financial risk, which FSOC issued in October 2021. 

Increase in FDIC Payment Reimbursement +$1,590,000 / +0 FTE

Reflects increases to reimbursements required by law to the FDIC under Section 210(n)(10) of 

the Dodd-Frank Act. This section provides that reasonable implementation expenses of the FDIC 

relating to its responsibilities under Title II for the resolution of systemically important financial 

companies shall be treated as expenses of the Council.

Make Critical Administrative Investments (Hiring, Evidence Act, and Facilities) +$59,000 / +0 

FTE

FSOC pays annually for administrative support from the Centralized Treasury Administrative 

Services (CTAS) program. In FY 2024, FSOC anticipates those costs to grow to fund increases 

to human resources support to support FSOC’s growing hiring plans and improve time to hire 

across Departmental Offices (DO), as well as additional staff to support the Treasury-owned 

facilities (the Main Treasury building and Freedman’s Bank Building). 
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DO completed a comprehensive time to hire review over the past several months. Since this 

assessment, DO has made several adjustments to its hiring support, including: 1) improving 

long-term workforce planning, 2) emphasizing the importance of finalizing position descriptions 

and job analysis and assessments prior to recruit requests, 3) encouraging usage of the variety of 

recruitment methods available to DO staff (Schedule A, Pathways, merit promotion, etc.), and 4) 

devoting additional resources to the security/adjudication process to improve security clearance 

process times.

To properly tackle these issues, DO needs additional staffing in Human Resources and Human 

Capital. This request would fund three additional CTAS FTE in Human Resources which would 

result in cost increases for FSOC as a customer, in addition to all other DO customers of HR 

services. The CTAS FTE would improve the ratio of HR business partners to supported staff. 

This request also includes FSOC’s contribution to three new CTAS staff (one electrician and two 

A/C equipment mechanics) responsible for conducting support within Treasury spaces. Presently 

DO has four electricians and six A/C equipment mechanics working 24/7 to support nearly 645 

thousand square feet of owned spaces. While there is no industry standard for this kind of work, 

the national average is one technician per every 50 thousand square feet, meaning DO is 

currently well below average in terms of staff per square footage supported. 

1.3 – Object Classification (Schedule O) Obligations 

Dollars in Thousands

FY 2022 FY 2023 FY 2024

Object Classification

Actual

Obligations

Estimated 

Obligations

Estimated 

Obligations

11.1 - Full-time permanent 2,197 4,820 7,068 

11.3 - Other than full-time permanent 168 0 0 

11.5 - Other personnel compensation 141 328 476 

11.9 - Personnel Compensation (Total) 2,506 5,148 7,544 

12.0 - Personnel benefits 859 1,482 2,154 

Total Personnel and Compensation Benefits $3,365 $6,630 $9,698 

21.0 - Travel and transportation of persons 6 48 49 

25.1 - Advisory and assistance services 318 837 854 

25.2 - Other services from non-Federal sources 1 20 21 

25.3 - Other goods and services from Federal sources 4,897 6,356 8,068

26.0 - Supplies and materials 216 738 753 

31.0 - Equipment 5 6 6 

Total Non-Personnel $5,443 $8,005 $9,751 

Total Obligations $8,808 $14,635 $19,449 

Full-time Equivalents (FTE) 17 34 44

D – Appropriations Language and Explanation of Changes

The FSOC receives no appropriations from Congress. 

E – Legislative Proposals 

The FSOC does not have any legislative proposals at this time. 
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Section II – Annual Performance Plan and Report

A – Strategic Alignment

The Council is chaired by the Secretary of the Treasury and consists of ten 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: 

1) identify risks to the financial stability of the United States that could arise from the material 

financial distress or failure, or ongoing activities, of large, interconnected bank holding 

companies or nonbank financial companies, or that could arise outside the financial services 

marketplace;

2) promote market discipline, by eliminating expectations on the part of shareholders, creditors, 

and counterparties of such companies that the Government will shield them from losses in 

the event of failure; and

3) respond to emerging threats to the stability of the U.S. financial system. 

Among other statutory duties, the Council has a 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 following page has a breakout of how the FSOC links to Treasury’s strategic goals and 

objectives. 

B – Budget and Performance by Budget Activity

2.1.1 – Financial Stability Oversight Council Resources and Measures Dollars in Thousands

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

 Resource Level Actual Actual Actual Actual Actual Revised 

Estimate Estimate

Expenses/Obligations $4,966 $5,246 $5,190 $4,996 $5,554 $11,725 $14,949 

Budget Activity Total $4,966 $5,246 $5,190 $4,996 $5,554 $11,725 $14,949 

Full-time Equivalents (FTE) 13 14 15 14 17 34 44

Financial Stability Oversight Council 

($14,949,000 from Assessments): 

There are no measures specified for managing Council performance. The FSOC’s annual reports 

and other public documents provide information to the public relevant to the Council’s 

performance. Information on the Council is provided on www.treasury.gov, and www.fsoc.gov.

Performance documents for FSOC member agencies can also be found on their respective 

websites to provide transparency and accountability. 

Throughout 2022, Secretary Yellen continued to reinvigorate the Council. The Council met 

eight times to assess potential risks including those related to climate change, digital assets, 

housing markets, hedge funds, and open-end funds.
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On October 3, 2022, the Council published its digital assets report, written in response to the 

Executive Order on Ensuring Responsible Development of Digital Assets, which was issued on 

March 9, 2022. On December 16, 2022, the Council published its annual report. 

2.1.2 – FDIC Reimbursement Resources and Measures Dollars in Thousands

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

 Resource Level Actual Actual Actual Actual Actual Revised 

Estimate Estimate

Expenses/Obligations $4,162 $4,301 $2,993 $4,451 $3,254 $2,910 $4,500 

Budget Activity Total $4,162 $4,301 $2,993 $4,451 $3,254 $2,910 $4,500 

Full-time Equivalents (FTE) 0 0 0 0 0 0 0 

FDIC Reimbursement

($4,500,000 from Assessments):

Certain FDIC expenses are treated as expenses of the Council. By law, the Council’s expenses 

include reimbursement of reasonable implementation expenses incurred by the FDIC in 

implementing Orderly Liquidation Authority. The FDIC must periodically submit requests for 

reimbursement of these expenses to the Chairperson of the Council, who shall arrange for 

prompt reimbursement to the FDIC. FDIC expenses are for rule writing and resolution planning. 

Section III – Additional Information

A – Summary of Capital Investments

The FSOC has no capital investments. Capital investments that support the FSOC are included in 

the Treasury Franchise Fund Plan. 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.