Federal Register :: Agencies - Financial Stability Oversight Council
The Council was created to provide collective accountability for identifying risks and responding to emerging threats to financial stability.
The FSOC has been granted the authority to constrain excessive risk in the financial system and to .avoid the regulatory gaps that existed before the recent crisis to help minimize the risk of a nonbank financial firm threatening the stability of the financial system.
Additionally, the duties of the FSOC include assisting with the identification of emerging risks to financial stability, the FSOC provides direction to, and requests data and analyses from the Treasury Department’s Office of Financial Research.
(Source: Financial Stability Oversight Council http://www.treas.gov/FSOC)