Financial Stability Oversight Council Act

The Financial Stability Oversight Council (FSOC) Act was established in response to the 2008 financial crisis. Its main purpose is to monitor and address risks to the U.S. financial system's stability. The FSOC brings together leaders from various financial regulatory agencies to identify potential threats, like excessive risk-taking or market disruptions. By doing so, the council aims to prevent another crisis and ensure a safer financial environment for consumers and businesses. The act emphasizes cooperation among regulatory bodies to maintain oversight and protect the economy as a whole.