“Friday the leading edge of the U.S. effort to protect against the next financial market disaster, known by its acronym FSOC, will swing into action again — behind closed doors — as even its supporters describe it as an impenetrable American “Politburo.”
The Financial Stability Oversight Council of regulators was created
— more accurately, re-created — by the Dodd-Frank Act, turning the
President’s Working Group on Financial Markets first formed in the Reagan administration into a full-fledged government appendage, with its own staff and budget. One key characteristic of the Working Group was retained — secrecy.
“Whether or not the country is going to suffer another massive financial collapse and economic crisis that’s going to cost tens of trillions of dollars again is what’s really at stake,” said Dennis Kelleher, a corporate litigator who heads Better Markets, a group lobbying in favor of Dodd-Frank and fighting Wall Street lobbyists who want it dismantled.”
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