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 ( and David McCarthy ( with any questions.


David McCarthy
Managing Director, Head of Policy
James Montford
Manager, Government Relations

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2023 CRE Finance Council. All rights reserved.

Become a Member

CREFC offers industry participants an unparalleled ability to connect, participate, advocate and learn!
Join Now

Sign Up for eNews