Alert September 28, 2010

Financial Stability Oversight Council to Hold First Meeting on October 1, 2010

Treasury Secretary Tim Geithner, Chairperson of the Financial Stability Oversight Council (the “FSOC”) established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, announced that the FSOC would hold its first meeting on October 1, 2010 in Washington D.C.  The press release announcing the meeting stated that the FSOC will provide, “comprehensive oversight over the stability of our nation's financial system[The FSOC] is charged with identifying threats to the financial stability of the United States; promoting market discipline by eliminating expectations on the part of shareholders, creditors, and counterparties that the government will shield them from losses in the event of failure; and responding to emerging risks to the stability of the United States financial system.”