In a news release today, the North American Securities Administrators Association (NASAA) announced that NASAA President-elect David Massey will represent state securities regulators on the new Financial Stability Oversight Council (FSOC). Created by the recently-enacted Dodd-Frank Wall Street Reform and Consumer Protection Act, the FSOC will monitor emerging risks to U.S. financial stability, recommend heightened prudential standards for large, interconnected financial companies, and require nonbank financial companies to be supervised by the Fed if their failure poses a risk to financial stability. The legislation authorizes a state insurance commissioner, a state banking supervisor and a state securities administrator to serve as non-voting members of the FSOC.
Massey, who serves as Deputy Securities Administrator of the North Carolina Securities Division, will take office as NASAA's President next week during the organization's Annual Conference in Baltimore. The first meeting of the FSOC will be held on October 1, 2010.