Page:United States Statutes at Large Volume 124.djvu/1420

 124 STAT. 1394 PUBLIC LAW 111–203—JULY 21, 2010 regulators, and the members of such committees may be members of the Council, or other persons, or both. (e) MEETINGS.— (1) TIMING.—The Council shall meet at the call of the Chairperson or a majority of the members then serving, but not less frequently than quarterly. (2) RULES FOR CONDUCTING BUSINESS.—The Council shall adopt such rules as may be necessary for the conduct of the business of the Council. Such rules shall be rules of agency organization, procedure, or practice for purposes of section 553 of title 5, United States Code. (f) VOTING.—Unless otherwise specified, the Council shall make all decisions that it is authorized or required to make by a majority vote of the voting members then serving. (g) NONAPPLICABILITY OF FACA.—The Federal Advisory Com- mittee Act (5 U.S.C. App.) shall not apply to the Council, or to any special advisory, technical, or professional committee appointed by the Council, except that, if an advisory, technical, or professional committee has one or more members who are not employees of or affiliated with the United States Government, the Council shall publish a list of the names of the members of such committee. (h) ASSISTANCE FROM FEDERAL AGENCIES.—Any department or agency of the United States may provide to the Council and any special advisory, technical, or professional committee appointed by the Council, such services, funds, facilities, staff, and other support services as the Council may determine advisable. (i) COMPENSATION OF MEMBERS.— (1) FEDERAL EMPLOYEE MEMBERS.—All members of the Council who are officers or employees of the United States shall serve without compensation in addition to that received for their services as officers or employees of the United States. (2) COMPENSATION FOR NON-FEDERAL MEMBER.—Section 5314 of title 5, United States Code, is amended by adding at the end the following: ‘‘Independent Member of the Financial Stability Oversight Council (1).’’. (j) DETAIL OF GOVERNMENT EMPLOYEES.—Any employee of the Federal Government may be detailed to the Council without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. An employee of the Federal Government detailed to the Council shall report to and be subject to oversight by the Council during the assignment to the Council, and shall be compensated by the department or agency from which the employee was detailed. SEC. 112. COUNCIL AUTHORITY. (a) PURPOSES AND DUTIES OF THE COUNCIL.— (1) IN GENERAL.—The purposes of the Council are— (A) to identify risks to the financial stability of the United States that could arise from the material financial distress or failure, or ongoing activities, of large, inter- connected bank holding companies or nonbank financial companies, or that could arise outside the financial services marketplace; (B) to promote market discipline, by eliminating expectations on the part of shareholders, creditors, and 12 USC 5322. Publication. List.