Mnuchin to reprise FSOC 2017 report, this time before House FinServCom

Treasury Secretary Steven Mnuchin is scheduled to reprise a report Tuesday regarding a federal oversight group’s report on threats and vulnerabilities to the financial system, this time before the House Financial Services Committee.

Mnuchin offered a similar report to the Senate Banking Committee Jan. 30.

The Treasury Department leader is scheduled to appear before the House Financial Services Committee Tuesday, at 10 a.m., to discuss the Financial Stability Oversight Council’s (FSOC) 2017 annual report to Congress.

“On December 14, 2017, the FSOC submitted its 2017 annual report to Congress,” the committee memo about the hearing states. “In its annual report, FSOC identified the following as potential emerging threats and vulnerabilities: ongoing, structural vulnerabilities; cybersecurity; asset management products and activities; managing vulnerabilities in an environment of low, but rising, interest rates; changes to financial market structure and  implications for financial stability and global economic and financial developments.”

In his Senate testimony, Mnuchin focused to a large degree on cybersecurity issues as well as issues surrounding “cryptocurrencies.” Those comments, however, were subordinate to senators’ questions about the recently passed tax reform laws.

House Financial Services Cmte. hearing, Feb. 6: Mnuchin on FSOC 2017 report