The 2007-2009 financial crisis focused attention on weaknesses in the U.S. regulatory structure, including the lack of an agency or mechanism responsible for monitoring and addressing risks across the financial system and a shortage of timely information to facilitate that oversight. In response to the crisis, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) in July 2010, which provided a broad range of regulatory reforms. Among many other things, the act established the Financial Stability Oversight Council (FSOC) to monitor the stability of the U.S. financial system and take actions to mitigate risks that might destabilize the system. This book provides an overview of elements and assessments of the Financial Stability Oversight Council and Office of Financial Research with a focus on Frequently Asked Questions.
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