A key aspect of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) was the establishment of a new entitythe Financial Stability Oversight Council (Council)with the responsibility to address potential threats to U.S. financial stability.
In taking this action, Congress was responding to the perception that the financial crisis of 2008 revealed an absence of focused responsibility and authority in the U.S. government for protecting the nation against significant systemic problems in the financial services sector. Under the Dodd-Frank Act, the Council was given the responsibility to identify and monitor potential threats to U.S. financial stability and the power to take certain actions to mitigate such threats.
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