Synopsis: On July 22, 2009, the Obama Administration delivered the "Financial Services Oversight Council Act of 2009" to Congress for its consideration. If enacted, the proposed legislation would establish a Financial Services Oversight Council to facilitate the collection and sharing of information on financial industry participants with the Federal Reserve so that the Federal Reserve may determine whether such participants pose a threat to financial stability and should be subject to “robust consolidated supervision and regulation” by the Federal Reserve. The Administration’s press release along with a link to the full text of the official proposal is available here.

Status: The proposed legislation was delivered to Congress on July 22, 2009 and is currently under consideration.