---
kind: "section"
citation: "12 U.S.C. § 5321"
title: "12"
title_heading: "Banks and Banking"
number: "5321"
heading: "Financial Stability Oversight Council established"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5321"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter I — Financial Stability"
  - "Part A — Financial Stability Oversight Council"
---

# §5321. Financial Stability Oversight Council established

- (a) **Establishment—** Effective on July 21, 2010, there is established the Financial Stability Oversight [Council](/usc/12/5301.md?p=8).
- (b) **Membership—** The [Council](/usc/12/5301.md?p=8) shall consist of the following members:
  - (1) **Voting members—** The voting members, who shall each have 1 vote on the [Council](/usc/12/5301.md?p=8) shall be—
    - (A) the [Secretary](/usc/12/5301.md?p=14) of the Treasury, who shall serve as [Chairperson](/usc/12/5311.md?p=a-2) of the [Council](/usc/12/5301.md?p=8);
    - (B) the Chairman of the [Board of Governors](/usc/12/5301.md?p=3);
    - (C) the Comptroller of the Currency;
    - (D) the [Director](/usc/12/5341.md?p=1) of the [Bureau](/usc/12/5301.md?p=4);
    - (E) the Chairman of the [Commission](/usc/12/5301.md?p=5);
    - (F) the [Chairperson](/usc/12/5311.md?p=a-2) of the [Corporation](/usc/12/5301.md?p=7);
    - (G) the [Chairperson](/usc/12/5311.md?p=a-2) of the Commodity Futures Trading [Commission](/usc/12/5301.md?p=5);
    - (H) the [Director](/usc/12/5341.md?p=1) of the Federal Housing Finance Agency;
    - (I) the Chairman of the National [Credit Union](/usc/12/5301.md?p=9) Administration [Board](/usc/12/1861.md?p=b-3); and
    - (J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise.
  - (2) **Nonvoting members—** The nonvoting members, who shall serve in an advisory capacity as a nonvoting member of the [Council](/usc/12/5301.md?p=8), shall be—
    - (A) the [Director](/usc/12/5341.md?p=1) of the [Office of Financial Research](/usc/12/5311.md?p=a-5);
    - (B) the [Director](/usc/12/5341.md?p=1) of the Federal Insurance [Office](/usc/12/5341.md?p=1);
    - (C) a [State](/usc/12/5301.md?p=16) insurance commissioner, to be designated by a selection process determined by the [State](/usc/12/5301.md?p=16) insurance commissioners;
    - (D) a State banking supervisor, to be designated by a selection process determined by the State banking supervisors; and
    - (E) a [State](/usc/12/5301.md?p=16) securities commissioner (or an officer performing like functions), to be designated by a selection process determined by such [State](/usc/12/5301.md?p=16) securities commissioners.
  - (3) **Nonvoting member participation—** The nonvoting members of the [Council](/usc/12/5301.md?p=8) shall not be excluded from any of the proceedings, meetings, discussions, or deliberations of the [Council](/usc/12/5301.md?p=8), except that the [Chairperson](/usc/12/5311.md?p=a-2) may, upon an affirmative vote of the [member agencies](/usc/12/5311.md?p=a-3), exclude the nonvoting members from any of the proceedings, meetings, discussions, or deliberations of the [Council](/usc/12/5301.md?p=8) when necessary to safeguard and promote the free exchange of confidential supervisory information.
- (c) **Terms; vacancy—**
  - (1) **Terms—** The independent member of the [Council](/usc/12/5301.md?p=8) shall serve for a term of 6 years, and each nonvoting member described in subparagraphs [(C)](#b-2-C), [(D)](#b-2-D), and [(E)](#b-2-E) of subsection (b)(2) shall serve for a term of 2 years.
  - (2) **Vacancy—** Any vacancy on the [Council](/usc/12/5301.md?p=8) shall be filled in the manner in which the original appointment was made.
  - (3) **Acting officials may serve—** In the event of a vacancy in the [office](/usc/12/5341.md?p=1) of the head of a [member agency](/usc/12/5311.md?p=a-3) or department, and pending the appointment of a successor, or during the absence or disability of the head of a [member agency](/usc/12/5311.md?p=a-3) or department, the acting head of the [member agency](/usc/12/5311.md?p=a-3) or department shall serve as a member of the [Council](/usc/12/5301.md?p=8) in the place of that agency or department head.
  - (4) **Term of independent member—** Notwithstanding [paragraph (1)](#c-1), if a successor to the independent member of the [Council](/usc/12/5301.md?p=8) serving under [subsection (b)(1)(J)](#b-1-J) is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of—
    - (A) 18 months after the date on which the term of service ends; or
    - (B) the date on which a successor to such member is appointed and confirmed.
- (d) **Technical and professional advisory committees—** The [Council](/usc/12/5301.md?p=8) may appoint such special advisory, technical, or professional committees as may be useful in carrying out the functions of the [Council](/usc/12/5301.md?p=8), [including](/usc/12/5301.md?p=18-A) an advisory committee consisting of [State](/usc/12/5301.md?p=16) regulators, and the members of such committees may be members of the [Council](/usc/12/5301.md?p=8), or other [persons](/usc/12/5481.md?p=19), or both.
- (e) **Meetings—**
  - (1) **Timing—** The [Council](/usc/12/5301.md?p=8) shall meet at the call of the [Chairperson](/usc/12/5311.md?p=a-2) or a majority of the members then serving, but not less frequently than quarterly.
  - (2) **Rules for conducting business—** The [Council](/usc/12/5301.md?p=8) shall adopt such rules as may be necessary for the conduct of the business of the [Council](/usc/12/5301.md?p=8). Such rules shall be rules of agency organization, procedure, or practice for purposes of [section 553 of title 5](/usc/5/553.md).
- (f) **Voting—** Unless otherwise specified, the [Council](/usc/12/5301.md?p=8) shall make all decisions that it is authorized or required to make by a majority vote of the voting members then serving.
- (g) **Nonapplicability of chapter 10 of title 5—** [Chapter 10](/usc/5/chptI/ch10.md) of title 5 shall not apply to the [Council](/usc/12/5301.md?p=8), or to any special advisory, technical, or professional committee appointed by the [Council](/usc/12/5301.md?p=8), except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the [Council](/usc/12/5301.md?p=8) shall publish a list of the names of the members of such committee.
- (h) **Assistance from Federal agencies—** Any department or agency of the United States may provide to the [Council](/usc/12/5301.md?p=8) and any special advisory, technical, or professional committee appointed by the [Council](/usc/12/5301.md?p=8), such services, [funds](/usc/12/5381.md?p=a-12), facilities, staff, and other support services as the [Council](/usc/12/5301.md?p=8) may determine advisable.
- (i) **Compensation of members—**
  - (1) **Federal employee members—** All members of the [Council](/usc/12/5301.md?p=8) who are officers or employees of the United States shall serve without compensation in addition to that received for their services as officers or employees of the United States.
  - (2) **Omitted—**
- (j) **Detail of Government employees—** Any employee of the Federal Government may be detailed to the [Council](/usc/12/5301.md?p=8) without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. An employee of the Federal Government detailed to the [Council](/usc/12/5301.md?p=8) shall report to and be subject to oversight by the [Council](/usc/12/5301.md?p=8) during the assignment to the [Council](/usc/12/5301.md?p=8), and shall be compensated by the department or agency from which the employee was detailed.

## Source credit

(Pub. L. 111–203, title I, § 111, July 21, 2010, 124 Stat. 1392; Pub. L. 115–61, § 2, Sept. 27, 2017, 131 Stat. 1158; Pub. L. 117–286, § 4(a)(58), Dec. 27, 2022, 136 Stat. 4311.)

## Notes

### Editorial Notes

### Codification

Section is comprised of section 111 of Pub. L. 111–203. Subsec. (i)(2) of section 111 of Pub. L. 111–203 amended section 5314 of Title 5, Government Organization and Employees.

### Amendments

2022—Subsec. (g). Pub. L. 117–286 substituted “chapter 10 of title 5” for “FACA” in heading and “Chapter 10 of title 5” for “The Federal Advisory Committee Act (5 U.S.C. App.)” in text.

2017—Subsec. (c)(4). Pub. L. 115–61 added par. (4).