Administered at the US Department of the Treasury, the FSOC comprises representatives of multiple US financial regulators.

http://www.treasury.gov/initiatives/FSOC/Pages/default.aspx

The Dodd-Frank Act established the Financial Stability Oversight Council (FSOC) to ensure the stability of the US financial system. The Council is charged with identifying threats to the financial stability of the US; promoting market discipline; and responding to emerging risks to the stability of the US financial system. The Council consists of 10 voting members and 5 nonvoting members and brings together the expertise of federal financial regulators, state regulators, and an insurance expert appointed by the President.

The FSOC has important new authorities to constrain excessive risk in the financial system. For instance, the FSOC has authority to designate a nonbank financial firm for tough new supervision and therefore avoid the regulatory gaps that existed before the recent crisis. Closing these gaps in supervision will help minimize the risk of a nonbank financial firm threatening the stability of the financial system. Additionally, to help with the identification of emerging risks to financial stability, the FSOC can provide direction to, and request data and analyses from the newly created Office of Financial Research (OFR) housed within Treasury. Voting Members: The Secretary of the Treasury, who serves as the Chairperson of the FSOC, the Chairman of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Consumer Financial Protection Bureau, the Chairman of the Securities and Exchange Commission, the Chairperson of the Federal Deposit Insurance Corporation, the Chairperson of the Commodity Futures Trading Commission, the Director of the Federal Housing Finance Agency, the Chairman of the National Credit Union Administration Board, and an independent member with insurance expertise that is appointed by the President and confirmed by the Senate for a six-year term.

FSOC FAQ

http://en.wikipedia.org/wiki/Financial_Stability_Oversight_Council