The Financial Stability Oversight Council, established by Title I of the Dodd-Frank Act, identified seven significant areas of concern on Thursday that policymakers need to address in order to contain threats to the U.S. financial system.
The outlined priorities included targeting reliance on wholesale funding that is vulnerable to runs, making progress on housing finance reform, weighing alternatives to reference rates like Libor, and watching the impact of low interest-rate risk.
After pointing out progress made by regulators since the passage of the Dodd-Frank Act, Treasury Secretary Jacob Lew said the report would serve the FSOC as a tool on the remaining work left to be done.
"We have made important strides over the last year, and our financial system is stronger," said Lew at the council's public meeting. "But, as everyone here knows, much work still remains."
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