---
kind: "section"
citation: "12 U.S.C. § 5214"
title: "12"
title_heading: "Banks and Banking"
number: "5214"
heading: "Financial Stability Oversight Board"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5214"
units:
  - "Chapter 52 — Emergency Economic Stabilization"
  - "Subchapter I — Troubled Assets Relief Program"
---

# §5214. Financial Stability Oversight Board

- (a) **Establishment—** There is established the Financial Stability Oversight [Board](/usc/12/5202.md?p=2), which shall be responsible for—
  - (1) reviewing the exercise of authority under a program developed in accordance with this chapter, including—
    - (A) policies implemented by the [Secretary](/usc/12/5202.md?p=7) and the Office of Financial Stability created under sections [5211](/usc/12/5211.md) and [5212](/usc/12/5212.md) of this title, including the appointment of financial agents, the designation of asset classes to be purchased, and plans for the structure of vehicles used to purchase [troubled assets](/usc/12/5202.md?p=9); and
    - (B) the effect of such actions in assisting American families in preserving home ownership, stabilizing financial markets, and protecting taxpayers;
  - (2) making recommendations, as appropriate, to the [Secretary](/usc/12/5202.md?p=7) regarding use of the authority under this chapter; and
  - (3) reporting any suspected fraud, misrepresentation, or malfeasance to the Special Inspector General for the [Troubled Assets](/usc/12/5202.md?p=9) Relief Program or the Attorney General of the United States, consistent with [section 535(b) of title 28](/usc/28/535.md?p=b).
- (b) **Membership—** The Financial Stability Oversight [Board](/usc/12/5202.md?p=2) shall be comprised of—
  - (1) the Chairman of the [Board](/usc/12/5202.md?p=2) of Governors of the Federal Reserve System;
  - (2) the [Secretary](/usc/12/5202.md?p=7);
  - (3) the [Director](/usc/12/5481.md?p=10) of the Federal Housing Finance Agency;
  - (4) the Chairman of the Securities Exchange Commission; and
  - (5) the [Secretary](/usc/12/5202.md?p=7) of Housing and Urban Development.
- (c) **Chairperson—** The chairperson of the Financial Stability Oversight [Board](/usc/12/5202.md?p=2) shall be elected by the members of the [Board](/usc/12/5202.md?p=2) from among the members other than the [Secretary](/usc/12/5202.md?p=7).
- (d) **Meetings—** The Financial Stability Oversight [Board](/usc/12/5202.md?p=2) shall meet 2 weeks after the first exercise of the purchase authority of the [Secretary](/usc/12/5202.md?p=7) under this chapter, and monthly thereafter.
- (e) **Additional authorities—** In addition to the responsibilities described in [subsection (a)](#a), the Financial Stability Oversight [Board](/usc/12/5202.md?p=2) shall have the authority to ensure that the policies implemented by the [Secretary](/usc/12/5202.md?p=7) are—
  - (1) in accordance with the purposes of this chapter;
  - (2) in the economic interests of the United States; and
  - (3) consistent with protecting taxpayers, in accordance with [section 5223(a) of this title](/usc/12/5223.md?p=a).
- (f) **Credit review committee—** The Financial Stability Oversight [Board](/usc/12/5202.md?p=2) may appoint a [credit](/usc/12/5481.md?p=7) review committee for the purpose of evaluating the exercise of the purchase authority provided under this chapter and the assets acquired through the exercise of such authority, as the Financial Stability Oversight [Board](/usc/12/5202.md?p=2) determines appropriate.
- (g) **Reports—** The Financial Stability Oversight [Board](/usc/12/5202.md?p=2) shall report to the [appropriate committees of Congress](/usc/12/5202.md?p=1) and the Congressional Oversight Panel established under [section 5233 of this title](/usc/12/5233.md), not less frequently than quarterly, on the matters described under [subsection (a)(1)](#a-1).
- (h) **Termination—** The Financial Stability Oversight [Board](/usc/12/5202.md?p=2), and its authority under this section, shall terminate on the expiration of the 15-day period beginning upon the later of—
  - (1) the date that the last troubled asset acquired by the [Secretary](/usc/12/5202.md?p=7) under [section 5211 of this title](/usc/12/5211.md) has been sold or transferred out of the ownership or control of the Federal Government; or
  - (2) the date of expiration of the last insurance contract issued under [section 5212 of this title](/usc/12/5212.md).

## Source credit

(Pub. L. 110–343, div. A, title I, § 104, Oct. 3, 2008, 122 Stat. 3770.)

## Notes

### Editorial Notes

### References in Text

This chapter, referred to in text, was in the original “this Act” and was translated as reading “this division”, meaning div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, known as the Emergency Economic Stabilization Act of 2008, to reflect the probable intent of Congress. For complete classification of division A to the Code, see Short Title note set out under section 5201 of this title and Tables.