Financial Stability Oversight Board (FSOB)
The Financial Stability Oversight Board is created to review and make recommendations regarding the Treasury's actions. Its purpose is to review the operation of TARP, to make recommendations to the Treasury for improvements, and to watch for fraud and misrepresentation. The FSOB also has the power to ensure that the Treasury follows policies in accordance with the Act and the economic interest of the U.S. It is to meet on a monthly basis and report to Congress and the Oversight Panel quarterly.
The members of the board are:
- Chairman of the Board of the Federal Reserve (Currently Ben Bernanke)
- Secretary of the Treasury (Currently Timothy F. Geithner)
- Director of the Federal Housing Finance Agency (Currently Edward J. DeMarco, Acting Director )
- Chairman of the Securities and Exchange Commission (Currently Mary Shapiro)
- Secretary of the Department of Housing and Urban Development (Currently Shaun Donovan)
Read more about this topic: Oversight Of The Troubled Asset Relief Program
Famous quotes containing the words financial, stability and/or board:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“Two things in America are astonishing: the changeableness of most human behavior and the strange stability of certain principles. Men are constantly on the move, but the spirit of humanity seems almost unmoved.”
—Alexis de Tocqueville (1805–1859)
“Watteau is no less an artist for having painted a fascia board while Sainsbury’s is no less effective a business for producing advertisements which entertain and educate instead of condescending and exploiting.”
—Stephen Bayley (b. 1951)