WASHINGTON — One of the hallmarks of the Dodd-Frank Act was the creation of the Financial Stability Oversight Council, a group of regulators that was supposed to identify systemic risks and act to disarm them. But the first five months of the council's existence have been underwhelming.

Its few public meetings have been characterized more with formalities than substance. Behind the scenes, meanwhile, regulators have disagreed over crucial issues, leaving many to question how well the new council will work.

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