WASHINGTON (Reuters) – U.S. lawmakers on Thursday pressed a new financial risk council to release more details about closed-door meetings, saying the public needs to know more about what regulators are doing to prevent the next financial crisis.
A government watchdog had previously criticized the Financial Stability Oversight Council, which is made up of the heads of U.S. financial regulatory agencies, for not providing insight about what it does, even when the information is not market-sensitive.
"The current FSOC manner of disclosure is simply not working," said Representative Patrick McHenry, aNorth Carolina Republican who heads the House of Representatives Financial Services Committee's oversight panel.
Congress created the FSOC as part of the 2010 Dodd-Frank financial law to boost coordination between regulators and to ramp up efforts to spot potential problems in the financial system before they create trouble.
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