Creighton’s Take: FSOC Could Chip Away at Dodd-Frank
The FSOC has 10 voting members, including the Treasury secretary, who serves as the chairman, and the heads of eight federal agencies: the Federal Reserve, Office of the Comptroller of the Currency, Consumer Financial Protection Bureau, Securities and Exchange Commission, Federal Deposit Insurance Corp., Commodity Futures Trading Commission, Federal Housing Finance Agency and National Credit Union Administration. The 10th is an independent member with insurance expertise appointed by the president.
To lead these agencies, Mr. Trump is likely to appoint Republicans, who will presumably be inclined to support any deregulatory agenda that emerges from the White House. The Trump team has given a well-known Dodd-Frank critic, Alex Pollock, responsibility for overhauling the FSOC.