Financial stability council slates climate change, COVID-19 developments for March 31 meeting

The interagency council formed under the 2010 Dodd-Frank Act to identify risks to financial stability and respond to emerging threats is set to meet next Wednesday on climate change and its potential impact on stability, according to a Treasury announcement Thursday.

The March 31 meeting of the Financial Stability Oversight Council will be the first presided over by Treasury Secretary Janet Yellen. The climate change discussion is slated for the open portion of the meeting, which begins at 3 p.m. ET and will be viewable by webcast.

The preliminary agenda for the executive (closed) session includes hedge fund activity and open-end mutual fund performance during the COVID-19 crisis.

The council has 10 voting and five nonvoting members. Voting members include the Treasury secretary (who chairs the council) and the heads of the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corp. (FDIC), the National Credit Union Administration (NCUA), the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Housing Finance Agency (FHFA), and an independent member with insurance expertise (appointed by the president and confirmed by the Senate for a six-year term).

The five nonvoting members serve in advisory capacity. They include the director of the Office of Financial Research (OFR), the director of the Federal Insurance Office, a state insurance commissioner, a state banking supervisor, and a state securities commissioner (or officer performing like functions).

Financial Stability Oversight Council to Meet March 31