The full Senate has confirmed former Kentucky regulator S. Roy Woodall for a voting position on the Financial Stability Oversight Council. The FSOC is tasked with monitoring the country’s financial system to protect against the failure of large bank holding companies and financial institutions. The Dodd-Frank Act requires that the FSOC have one voting member with insurance background among its ten voting members, which includes the Treasury Secretary and the Federal Reserve Chairman. The Council also includes five non-voting members, two of whom are insurance representatives. Mr. Woodall gave testimony to the Senate Banking Committee on July 26, 2011.