Financial Stability Oversight Council

The Financial Stability Oversight Council, or FSOC, was established thanks to Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, known colloquially as The Big Banks Really F'd Up Everything for the Public So Let’s Not Do That Again, Okay? Act.

The FSOC is meant to police the US financial sector so that another financial crisis like the one in late 2007 / 2008 doesn’t happen again. The FSOC particularly is supposed to keep an eye on big banks mostly.

So who is the FSOC? The U.S. Treasury Secretary heads the FSOC as chairman, and there are members, too. Voting members include the Fed Reserve Board members, some Treasury folk, and some insurance experts. So...the FSOC didn’t really bring anyone new to the table; it’s really just another title on these people’s job descriptions to remind them that that line item of regulating and policing the big banks is a super important part of their jobs that they should...probably do. Because nobody wants another financial crisis.