Financial Stability Oversight Council March 2011 – Federal Register Recent Federal Regulation Documents
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Implementation of the Freedom of Information Act
The Financial Stability Oversight Council (the ``Council'' or ``FSOC'') proposes regulations to implement the Freedom of Information Act (the ``FOIA''). This proposed rule would implement the requirements of the FOIA by setting forth procedures for requesting access to FSOC records. The Dodd-Frank Act, which established the Council, provides that FOIA applies to data or information submitted to the Council.
Authority To Designate Financial Market Utilities as Systemically Important
Section 804 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``DFA'') provides the Financial Stability Oversight Council (the ``Council'') the authority to designate a financial market utility (an ``FMU'') the Council determines is or is likely to become systemically importantthat is, the failure of or a disruption to the functioning of which could create, or increase, the risk of significant liquidity or credit problems spreading among financial institutions or markets and thereby threaten the stability of the United States financial system. This notice of proposed rulemaking (NPR) describes the criteria that will inform, and the processes and procedures established under the DFA for, the Council's designation of FMUs as systemically important under the DFA. The Council, on December 21, 2010, published an advance notice of proposed rulemaking regarding the designation criteria in section 804.
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