1. "As established under the Dodd-Frank Act, the Financial Stability Oversight Council (FSOC) will provide, for the first time, comprehensive monitoring to ensure the stability of our nation's financial system. 2. The Council is charged with identifying threats to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the United States financial system. 3. The Council consists of 10 voting members and 5 nonvoting members and brings together the expertise of federal financial regulators, state regulators, and an insurance expert appointed by the President." Financial Stability Oversight Council 4. "But as we saw from the trading losses at J.P. Morgan Chase earlier this year and from the collapse of MF Global late last year, the FSOC has proven incapable of the promised oversight and no amount of money or bureaucracy is likely to improve the situation. 5. ...a Washington bureaucracy serving as a watchdog for the financial system is not new. Indeed, thats exactly what Sen. Claude Swanson of Virginia had in mind when he shepherded the Federal Reserve Act through Congress in 1913 for President Woodrow Wilson: These reserve banks, practically under Government control and supervision, having a broad vision of financial matters, can be used to prevent dangerous inflation or ruinous depression, Swanson argued. They will have a steadying influence on the finances of the country and produce that stability which is the most propitious for the growth and development of the Nation. 6. Within two decades of its creation, the Fed presided over, and many believe caused, the most ruinous economic meltdown in U.S. history, the Great Depression. 7. ...President Ronald Reagan signed Executive Order 12631 creating the Working Group on Financial Markets.... this did little to forestall the recent financial crisis. 8. In Washington, when a bureaucracy fails to accomplish its assigned goal politicians typically dont do away with the agency, they create another agency with the same goal. Thats how we got the FSOC. 9. Instead of installing leadership with a strong background in the management of large financial institutions, or with a background in regulating such institutions, the Obama administration appointed Amias Gerety to lead the council. Geretys experience includes stints as an entry-level consultant at Oliver Wyman, a year with the John Kerry presidential campaign, and brief stints at two nonprofits: the Center for American Progress and Save the Children. 10. The FSOCs unwieldy bureaucracy and weak, politicized leadership haplessness in the face of crisis are hallmarks of modern Washington governance. At this point, the Financial Stability Oversight Council clearly is incapable of providing either financial stability or oversight. It should be eliminated." The Financial Stability Oversight Council: Late To Crises Every Time - Forbes Bureaucrats.....government picking winners and losers???? How about we go back to the original instructions...the United States Constitution....and refer to Article I, section 8. ....and throw the bums out.