Geithner: Financial Stability Oversight Council will meet for first time Oct. 1

New financial oversight panel to meet Oct. 1

WASHINGTON — The new council of top regulators charged with spotting early warning signs of a developing financial crisis will hold its first meeting on Oct. 1.

Treasury Secretary Timothy Geithner announced the meeting Thursday and said the group of top federal regulators will be joined by financial regulators from the states of Missouri, California and North Carolina.

The Financial Stability Oversight Council was created by the financial regulatory law signed this summer. It is designed to provide more coordinated oversight of the financial system. Federal Reserve Chairman Ben Bernanke is among those serving on the panel.

In the event of problems at a large financial institution, this group can give the go-ahead by a two-thirds vote to dismantle the troubled company in a way that minimizes threats to the entire financial system.

At the Oct. 1 meeting, the state participants will be John M. Huff, director of the Missouri Department of Insurance; William S. Haraf, commissioner of the California Department of Financial Institutions, and David S. Massey, deputy securities administrator for North Carolina.

The state officials will be able to participate in the discussions but will not have a vote on panel decisions.