Thomas E. Workman was confirmed by the Senate Wednesday to a six-year term as a member of the Financial Stability Oversight Council (FSOC). He serves as the council’s independent representative having insurance expertise and is a voting member.
Workman was a longtime president of the Life Insurance Council of New York Inc., a New York-based trade group for the life-insurance industry. He joins the panel as its independent member with insurance expertise and is one of 10 voting members.
The FSOC, chaired by the Treasury secretary, was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to identify risks and respond to emerging threats to the stability of the financial system. It has 10 voting members and five non-voting members.
Voting members, in addition to the Treasury secretary, include the heads of the Federal Reserve Board of Governors (Fed), Office of the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Securities and Exchange Commission (SEC), Federal Deposit Insurance Corp. (FDIC), Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), National Credit Union Administration (NCUA); plus the insurance expert.
Nonvoting members include the heads of the federal Office of Financial Research and the Federal Insurance Office (this seat is currently vacant), a state insurance commissioner, a state banking supervisor, and a state securities commissioner.