Stephen H. Bier
New York +1 212 698 3889
The establishment of the Financial Stability Oversight Council was one of the key elements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Created in the wake of the financial crisis of 2008, the Council is intended to protect the U.S. against significant systemic problems in the financial services sector.
In this article, Dechert’s Robert Ledig, Gordon Miller and Stephen Bier discuss the more active role assumed by the Council in 2012, as it began the process of designating certain nonbank financial companies for heightened supervision, completed the designation process for an initial group of systemically important financial market utilities and considered recommendations for the reform of the regulatory structure of money market funds.