12 U.S.C. § 5321 — Financial Stability Oversight Council established

(a) Establishment Effective on July 21, 2010 , there is established the Financial Stability Oversight Council. (b) Membership The Council must consist of the following members: (1) Voting members The voting members, who must each have 1 vote on the Council must be— (A) the Secretary of the Treasury, who must serve as Chairperson^* of the Council; (B) the Chairman of the Board of Governors; (C) the Comptroller of the Currency; (D) the Director^* of the Bureau^*; (E) the Chairman of the Commission; (F) the Chairperson of the Corporation; (G) the Chairperson of the Commodity Futures Trading Commission; (H) the Director of the Federal Housing Finance Agency; (I) the Chairman of the National Credit^* Union Administration Board; and (J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise. (2) Nonvoting members The nonvoting members, who must serve in an advisory capacity as a nonvoting member of the Council, must be— (A) the Director of the Office of Financial Research^*; (B) the Director of the Federal Insurance Office; (C) a State^* insurance commissioner, to be designated by a selection process determined by the State insurance commissioners; (D) a State banking supervisor, to be designated by a selection process determined by the State banking supervisors; and (E) a State securities commissioner (or an officer performing like functions), to be designated by a selection process determined by such State securities commissioners. (3) Nonvoting member participation The nonvoting members of the Council must not be excluded from any of the proceedings, meetings, discussions, or deliberations of the Council, except that the Chairperson may, upon an affirmative vote of the member agencies, exclude the nonvoting members from any of the proceedings, meetings, discussions, or deliberations of the Council when necessary to safeguard and promote the free exchange of confidential supervisory information. (c) Terms; vacancy (1) Terms The independent member of the Council must serve for a term of 6 years, and each nonvoting member described in subparagraphs (C), (D), and (E) of subsection (b)(2) must serve for a term of 2 years. (2) Vacancy Any vacancy on the Council must be filled in the manner in which the original appointment was made. (3) Acting officials may serve In the event of a vacancy in the office of the head of a member agency^* or department, and pending the appointment of a successor, or during the absence or disability of the head of a member agency or department, the acting head of the member agency or department must serve as a member of the Council in the place of that agency or department head. (4) Term of independent member Notwithstanding paragraph (1), if a successor to the independent member of the Council serving under subsection (b)(1)(J) is not appointed and confirmed by the end of the term of service of such member, such member may continue to serve until the earlier of— (A) 18 months after the date on which the term of service ends; or (B) the date on which a successor to such member is appointed and confirmed. (d) Technical and professional advisory committees The Council may appoint such special advisory, technical, or professional committees as may be useful in carrying out the functions of the Council, including an advisory committee consisting of State regulators, and the members of such committees may be members of the Council, or other persons, or both. (e) Meetings (1) Timing The Council must meet at the call of the Chairperson or a majority of the members then serving, but not less frequently than quarterly. (2) Rules for conducting business The Council must adopt such rules as may be necessary for the conduct of the business of the Council. Such rules must be rules of agency organization, procedure, or practice for purposes of section 553 of title 5 . (f) Voting Unless otherwise specified, the Council must make all decisions that it is authorized or required to make by a majority vote of the voting members then serving. (g) Nonapplicability of chapter 10 of title 5 Chapter 10 of title 5 must not apply to the Council, or to any special advisory, technical, or professional committee appointed by the Council, except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the Council must publish a list of the names of the members of such committee. (h) Assistance from Federal agencies Any department or agency of the United States may provide to the Council and any special advisory, technical, or professional committee appointed by the Council, such services, funds, facilities, staff, and other support services as the Council may determine advisable. (i) Compensation of members (1) Federal employee members All members of the Council who are officers or employees of the United States must serve without compensation in addition to that received for their services as officers or employees of the United States. (2) Omitted (j) Detail of Government employees Any employee of the Federal Government may be detailed to the Council without reimbursement, and such detail must be without interruption or loss of civil service status or privilege. An employee of the Federal Government detailed to the Council must report to and be subject to oversight by the Council during the assignment to the Council, and must be compensated by the department or agency from which the employee was detailed.