On April 25th, the Treasury Department announced that the Financial Stability Oversight Council approved its 2013 annual report. Among other things, the report discusses the wholesale funding markets' vulnerabilities; operational risks that can cause major disruptions to the financial system; and the reliance on reference interest rates. Treasury Department Press Release. In his remarks at the FSOC's meeting Treasury Secretary Jacob J. Lew said that the FSOC will soon vote on the designations of an initial set of nonbank financial companies. Lew Remarks.