The U.S. Department of the Treasury hosted a meeting of the Financial Stability Oversight Council (FSOC) on September 10, 2025, led by Secretary of the Treasury Scott K. H. Bessent. The meeting included both executive and open sessions.
During the executive session, Treasury staff provided an update on FSOC’s focus and priorities for the upcoming fiscal year. The presentation addressed the importance of economic growth and security in maintaining financial stability and outlined related priorities for the coming year. It also covered FSOC’s plan to review its guidance regarding nonbank financial company determinations under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as its analytic framework for assessing financial stability risks. Members discussed how their efforts could support these priorities.
Treasury staff briefed council members on a recent interagency tabletop exercise aimed at crisis preparedness, with subsequent discussion focusing on steps to enhance critical market infrastructure resilience.
Updates were also provided on development of FSOC’s 2025 annual report and preparations for its fiscal year 2026 budget.
In the open session, Secretary Bessent described his views on financial stability, emphasizing economic growth and security as key factors, and laid out his priorities for FSOC in the coming year.
The Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation presented updates on banking supervision and regulatory reforms. These updates highlighted ongoing efforts by federal banking agencies to improve efficiency in regulatory and supervisory frameworks.
FSOC voted to approve its fiscal year 2026 budget—allocating $10,104,683 for expenditures covering both FSOC operations at Treasury and those related to its independent member with insurance expertise—and rescinded charters for two climate-related committees: Climate-related Financial Risk Committee and Climate-related Financial Risk Advisory Committee. The minutes from FSOC’s previous meeting held June 4, 2025 were also approved.
Attendees included leaders from major federal financial regulatory bodies such as Jerome H. Powell (Federal Reserve), Jonathan V. Gould (Office of the Comptroller of the Currency), Russell Vought (Consumer Financial Protection Bureau), Paul S. Atkins (Securities and Exchange Commission), Travis Hill (Federal Deposit Insurance Corporation), Caroline D. Pham (Commodity Futures Trading Commission), William J. Pulte (Federal Housing Finance Agency), Kyle S. Hauptman (National Credit Union Administration), Thomas Workman (independent member with insurance expertise), along with several non-voting members representing research offices and state regulators.
Additional details about FSOC’s work—including its recently approved budget—are available at http://www.fsoc.gov.
