#Systemic Risk: Congress and FSOC discussions

Financial Stability Oversight Council - http://www.treasury.gov/fsoc (Reuters) - A U.S. government watchdog on Wednesday slammed a post-crisis regulatory council created to spot emerging financial market risks, saying the group operates with little transparency and does not have all the tools to do its job. In testimony to Congress, the Government Accountability Office (GAO) faulted the Financial Stability Oversight Council (FSOC) for failing to enact certain reforms that were recommended in a report issued two years ago. "FSOC still lacks a comprehensive, systematic approach to identify emerging threats to financial stability," said GAO staffer A. Nicole Clowers, in testimony before a U.S. House of Representatives financial services panel. "FSOC has taken steps to improve its communication with the public, but could do more to improve transparency and accountability," Clowers said, noting that the council still does not keep detailed transcripts of i...