Letter to Steven Mnuchin, Secretary of the Treasury - Republican Committee Leaders Call on Financial Stability Oversight Council to Prepare for Coronavirus Impact

Letter

Dear Secretary Mnuchin:

We write to you in your capacity as Chairperson of the Financial Stability Oversight Council (FSOC or Council) and to request your assistance in understanding the effects of the coronavirus disease 2019 (COVID-19) on the U.S. financial system and economy.

The FSOC has a clear statutory purpose "to respond to emerging threats to the stability of the United States financial system." The global economic impacts of the outbreak of COVID-19 could produce economic spillovers. As COVID-19 continues to spread, the FSOC has a responsibility to inform Congress of the Council's work to examine the impacts and respond to potential threats.

We ask you, in your capacity as Chair of FSOC, to convene a meeting of the Council to ensure appropriate coordination and planning in response to the potential threat to international and domestic financial stability. In addition, we urge the Council to provide recommendations to member agencies to ensure business continuity and to mitigate this growing health crisis.

Sincerely,

Patrick McHenry

Ranking Member

Ann Wagner

Vice Ranking Member

Bill Huizenga

Ranking Member

Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets

French Hill

Ranking Member

Subcommittee on National Security, International Development, and Monetary Policy

Blaine Luetkemeyer

Ranking Member

Subcommittee on Consumer Protection and Financial Institutions

Andy Barr

Ranking Member

Subcommittee on Oversight and Investigations

Steve Stivers

Ranking Member

Subcommittee on Housing, Community Development, and Insurance

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