READOUT: Financial Stability Oversight Council Meeting on July 28, 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 by videoconference.  

During the executive session, the Council received an update from the Council’s staff-level Hedge Fund Working Group (HFWG) on its progress in developing a risk-monitoring framework, which is intended to inform the Council’s assessment of current and emerging risks to financial stability related to hedge fund activities.  During the first half of 2022, the HFWG has made significant progress in developing its risk monitor, which draws on qualitative and quantitative information about hedge fund activities in financial markets.  

The Council also received an update on the progress of the Council’s staff-level Climate-related Financial Risk Committee (CFRC), including progress made on implementing the recommendations from the Council’s climate report last year.  This marks the CFRC’s first update to the Council since the committee was established in December 2021.  

Additionally, the Council also heard an update from Treasury staff on the Council report being prepared in response to the Executive Order on Ensuring Responsible Development of Digital Assets.  The Council expects to issue the report in early fall 2022.
The Council also heard a presentation from staff of the Office of Financial Research (OFR) on the OFR’s work to collect data on non-centrally cleared bilateral repo transactions.  

During the public session, the Council received an update on the work of the Council and its members to identify and assess climate-related financial risk, including progress made by the CFRC.  This progress is described in a fact sheet available at the link below.  

The Council also voted to approve the minutes of its previous meeting on April 8, 2022.  

In attendance at the Council meeting by videoconference 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
  • James Martin, Acting Director, Office of Financial Research (non-voting member)
  • 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)

Additional information regarding the Council and its work, as well as the fact sheet on climate-related financial risk and meeting minutes, is available at  



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