First meeting of FSOC under new administration to be held entirely in executive session

The first meeting of the financial stability oversight group chaired by the new Treasury secretary will be held March 20, the agency announced late Thursday.

According to the agency, Treasury Secretary Scott Bessent will preside over the meeting of the Financial Stability Oversight Council (FSOC) – his first in his role as chairman of the council – which will be held entirely in executive (or secret) session (meaning the public will not have an opportunity to view or listen to the proceedings).

However, the agency did outline a preliminary agenda for the secret meeting: an update on recent Treasury market developments; an update on cybersecurity developments; and an update on homeowners insurance and natural disasters.

In a footnote, the Treasury noted its reasons for holding the session executive session. Those include to prevent the potential disclosure of information:

• contained in or related to investigation, examination, operating, or condition reports prepared by, on behalf of, or for the use of, an agency responsible for the regulation or supervision of financial markets or financial institutions;
• that would lead to significant financial speculation, significantly endanger the stability of any financial market or financial institution, or significantly frustrate implementation of a proposed agency action;
• that is exempted from disclosure by statute or by regulation, or authorized under criteria established by an executive order to be kept secret;
• that are trade secrets and commercial or financial information obtained from a person and privileged or confidential; inter-agency and intra-agency memoranda or letters which would not otherwise be available by law; and to conduct administrative business of the FSOC.

Treasury release on scheduling of March 20 FSOC meeting