U.S. Department of the Treasury

Office of Public Affairs

Press Release: July 28, 2023

Contact: Treasury Public Affairs, press@treasury.gov

READOUT: Financial Stability Oversight Council Meeting on 

July 28, 2023

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 Treasury, 

Federal Housing Finance Agency, and Ginnie Mae regarding efforts to address financial stability 

risks related to nonbank mortgage servicers.

The Council also received an update from Treasury and Office of the Comptroller of the 

Currency staff on work by the Council’s Climate-related Financial Risk Committee, including 

ongoing interagency efforts to identify and monitor financial system vulnerabilities and deepen 

Council members’ understanding of climate-related financial risks. 

In addition, the Council discussed current conditions in the banking sector and heard an update 

from staff from the Board of Governors of the Federal Reserve System (Federal Reserve Board)

on the results of the 2023 bank stress tests. The Federal Reserve Board found that participating 

banks are well positioned to weather significant downside scenarios and to continue to lend to 

households and businesses even during a severe recession. Staff from the Federal Reserve Board

also described conducting an exploratory market shock on the trading books of the largest banks 

in order to further understand the risks with their trading activities and to ensure banks are 

resilient to a range of different risks. 

During the public session, the Council received a presentation from Treasury staff on the 

Climate-related Financial Risk Committee’s staff progress report, which was published after the 

meeting, and several Council members provided updates on their agencies’ progress in assessing 

and addressing climate-related financial risks. 
The Council also received an update from the Federal Reserve Board on the transition away from 

LIBOR, including the June 30, 2023, cessation date for U.S. dollar LIBOR. The Council noted 

that the successful transition to SOFR bolstered the resiliency of the financial system and was the 

result of a public-private partnership spanning nearly a decade. 

The Council also voted to approve the minutes of its previous meeting on June 16, 2023. 

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, 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 (virtual) 

• Thomas Workman, Independent Member with Insurance Expertise

• James Martin, Acting Director, Office of Financial Research (non-voting member)

(virtual) 

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

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

Business Regulation (non-voting member)

• Adrienne A. Harris, Superintendent, New York State Department of Financial Services

(non-voting member) (virtual)

• Melanie Lubin, Securities Commissioner, Office of the Attorney General of Maryland, 

Securities Division (non-voting member)

Additional information regarding the Council, its work, the staff progress report on 

climate-related financial risk, and the recently approved meeting minutes is available at 

http://www.fsoc.gov.

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