Sen. Richard Shelby, the ranking Republican on the Senate Committee on Banking, Housing and Urban Affairs, voiced skepticism on Thursday that the Financial Stability Oversight Council would find success.
In a committee hearing to address the release of the FSOC annual report, Shelby, R-Ala., said, “Rather than being a forward-looking study of the risks to the U.S. financial system, the report is largely a lengthy summary of statistics with lots of colorful graphs.”
“If the annual report is an accurate representation of the council’s progress, I remain as skeptical of its chances of success as I was when my friends on the other side of the aisle proposed its creation,” he added. “For example, the annual report does not provide much evidence that the council was ahead of the Eurozone crisis. The countries of Spain and Italy are not even mentioned in the discussion of sovereign credit risk. In addition, it does not address, or even attempt to address, many of the key economic issues we presently face.