The U.S. Department of the Treasury published a readout of a Financial Stability Oversight Council (FSOC) meeting chaired by Treasury Secretary Scott K. H. Bessent. The Council reviewed its focus and priorities for the upcoming fiscal year, including an intention to review its guidance on nonbank financial company determinations under section 113 of the Dodd-Frank Act and its analytic framework for financial stability risks, and it voted to approve its fiscal year 2026 budget and rescind the charters of its Climate-related Financial Risk Committee and Climate-related Financial Risk Advisory Committee. The executive session also covered an interagency tabletop exercise on crisis preparedness and next steps to enhance the resilience of critical market infrastructure, alongside updates on development of the Council’s 2025 annual report and the fiscal year 2026 budget. In the open session, members received an update from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation on banking supervision and regulatory reforms aimed at improving the efficiency of regulatory and supervisory frameworks. The approved budget provides for fiscal year 2026 expenditures of USD 10,104,683 for the Office of FSOC at Treasury and the office of the Council’s independent member with insurance expertise, and the Council approved minutes from its June 4, 2025 meeting. Next steps highlighted in the meeting included the planned review of the section 113 nonbank determinations guidance and the Council’s analytic framework, continued work to strengthen critical market infrastructure resilience, and completion of the 2025 annual report.

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