Minutes of the Financial Stability Oversight Council

Held September 15, 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)

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

John Walsh, Acting Comptroller of the Currency (OCC)

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)

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

Laurie Schaffer, Assistant General Counsel, Banking and Finance, Treasury

Sara Aviel, Senior Advisor to the Secretary of the Treasury

Board of Governors of the Federal Reserve System

Janet Yellen, Vice Chair

Commodity Futures Trading Commission

Timothy Karpoff, Counsel to the Chairman

Comptroller of the Currency

Mike Brosnan, Senior Deputy Comptroller for Large Bank Supervision

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

David Marquis, Executive Director

Securities and Exchange Commission

Jennifer McHugh, Senior Advisor to the Chairman

Federal Reserve Bank of New York

William Dudley, President and Chief Executive Officer

Missouri Department of Insurance, Financial Institutions, and Professional Registration

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

Commissioners

California Department of Financial Institutions

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

Bank Supervisors 

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

Joseph Brady, General Counsel, North American Securities Administrators Association

Executive Session

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

Council (Council) to order at 1:05 p.m. (EDT).

The Council convened by teleconference to discuss market developments in light of increased 

market volatility and European market developments. Members of the Council provided updates

on market functioning, particularly with respect to financial markets and entities within their 

respective jurisdictions. Secretary Geithner stated that Council members should stay in close 

communication in the coming days.

No votes were taken during the meeting.

The Chairperson adjourned the meeting at approximately 1:25 p.m. (EDT).