Financial oversight council meets Thursday

WASHINGTON Mon Mar 14, 2011 11:16am EDT

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WASHINGTON (Reuters) - The next meeting of the Financial Stability Oversight Council (FSOC) set up to identify threats to the financial system will take place on Thursday, according to the U.S. Treasury Department.

The council, set up as part of the Dodd-Frank regulatory overhaul and made up of regulators, agreed in January on a set of factors to use to help gauge when a firm poses risks to the system and merits additional oversight.

Since that meeting, notes released by a commission investigating the crisis showed that Federal Reserve Chairman Ben Bernanke said that at the height of the credit crisis in 2008, 12 of the 13 most important U.S. financial firms were at the brink of failure.

The FSOC is chaired by Treasury Secretary Timothy Geithner and includes Bernanke as well as other key regulators from the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The Treasury said on Monday the meeting later this week will be the council's fourth gathering and will take place at the Treasury Department, with portions of it open to the public beginning at 3 p.m.

(Reporting by Glenn Somerville; Editing by Padraic Cassidy)

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