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'Much Remains to be Done' for FSOC, Says Schapiro

Arielle Bikard | May 12, 2011

The Financial Stability Oversight Council has some of the most critical issues still ahead of it in the implementation of rules under the Dodd-Frank Act, said Securities and Exchange Chairman Mary Schapiro in her testimony on monitoring systemic risk and promoting financial stability to the Senate Committee on Banking, Housing and Urban Affairs today.

“While FSOC has made substantial progress in taking up its new responsibilities, its efforts are ongoing, and much remains to be done,” Schapiro said. The Council's coordination among agencies will “continue to be a vital consideration” and public input will be “critically important” throughout the process, Schapiro said.

Under Dodd-Frank, Congress charged the FSOC with identifying risks and countering threats to U.S. financial stability, as well as promoting market discipline and eradicating the idea of “too big to fail.” So far, the...

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