Financial Stability Oversight Board
See the Financial Stability Oversight Council (proper title).
The Financial Stability Oversight Board (FSOB) was established by section 104 of the Emergency Economic Stabilization Act of 2008 (EESA) to help oversee the Troubled Assets Relief Program (TARP) and other emergency authorities and facilities granted to the Secretary of the Treasury under the EESA to help restore liquidity and stability to the U.S. financial system.
The FSOB issues quarterly reports to Congress regarding its review of the Treasury Secretary’s authority.
- Treasury Secretary, Timothy Geithner
- Fed Chairman, Ben Bernanke
- FHFA Director, James Lockhart
- SEC Chairman, Mary Schapiro
- HUD Secretary, Shaun Donovan
Reports to Congress
The Financial Stability Oversight Board released its third quarterly report to Congress on the Emergency Economic Stabilization Act (EESA).
The report, covering March 31, 2009 through June 30, 2009, concludes the following:
- EESA continues to provide meaningful support to core financial markets;
- TARP is a key stabilizing factor for the financial system and has likely prevented a greater deterioration in the availability of credit to households, businesses and communities;
- The release of the Supervisory Capital Assessment Program for the nation’s 19 largest bank holding companies helped improve investors’ sentiment toward banking organizations and financial markets more generally;
- FSOB believes that actions taken by Treasury under the TARP and under other authorities, together with those taken by the Federal Reserve continued to aid the housing market and mortgage borrowers.