Yellen to Testify before Congress
February 5, 2024
U.S. Secretary of Treasury Janet Yellen will testify before the House and Senate this week as she does on an regular basis in her role as head of the Treasury and Chair of the Financial Stability Oversight Council (FSOC).
Why it matters: The FSOC was established in 2010 as part of Dodd-Frank to monitor the stability of the nation's financial system, namely identify and mitigate systemic risk.
- FSOC is chaired by the Secretary of the Treasury and includes federal financial regulators, state regulators, and an independent insurance expert appointed by the President. FSOC membership consists of 10 voting members and five non-voting members.
- The purpose of the hearing is to cover FSOC’s annual report. Questions will likely cover a wide range of issues.
- CRE Focus: FSOC’s 2023 report highlighted CRE as a financial risk. Thus, CRE could be a topic of discussion on the back of last week’s news that New York Community Bancorp cut its dividend and set aside more money for loan losses. Click here for our previous analysis on the FSOC report.
House Financial Services Committee
Senate Committee on Banking
What they’re saying: The last time Secretary Yellen testified was in June of 2023. Her opening statement is linked here.
Contact James Montfort (email@example.com) and David McCarthy (firstname.lastname@example.org) with any questions.