Page:United States Statutes at Large Volume 124.djvu/1421

 124 STAT. 1395 PUBLIC LAW 111–203—JULY 21, 2010 counterparties of such companies that the Government will shield them from losses in the event of failure; and (C) to respond to emerging threats to the stability of the United States financial system. (2) DUTIES.—The Council shall, in accordance with this title— (A) collect information from member agencies, other Federal and State financial regulatory agencies, the Fed- eral Insurance Office and, if necessary to assess risks to the United States financial system, direct the Office of Financial Research to collect information from bank holding companies and nonbank financial companies; (B) provide direction to, and request data and analyses from, the Office of Financial Research to support the work of the Council; (C) monitor the financial services marketplace in order to identify potential threats to the financial stability of the United States; (D) to monitor domestic and international financial regulatory proposals and developments, including insur- ance and accounting issues, and to advise Congress and make recommendations in such areas that will enhance the integrity, efficiency, competitiveness, and stability of the U.S. financial markets; (E) facilitate information sharing and coordination among the member agencies and other Federal and State agencies regarding domestic financial services policy development, rulemaking, examinations, reporting require- ments, and enforcement actions; (F) recommend to the member agencies general super- visory priorities and principles reflecting the outcome of discussions among the member agencies; (G) identify gaps in regulation that could pose risks to the financial stability of the United States; (H) require supervision by the Board of Governors for nonbank financial companies that may pose risks to the financial stability of the United States in the event of their material financial distress or failure, or because of their activities pursuant to section 113; (I) make recommendations to the Board of Governors concerning the establishment of heightened prudential standards for risk-based capital, leverage, liquidity, contin- gent capital, resolution plans and credit exposure reports, concentration limits, enhanced public disclosures, and overall risk management for nonbank financial companies and large, interconnected bank holding companies super- vised by the Board of Governors; (J) identify systemically important financial market utilities and payment, clearing, and settlement activities (as that term is defined in title VIII); (K) make recommendations to primary financial regu- latory agencies to apply new or heightened standards and safeguards for financial activities or practices that could create or increase risks of significant liquidity, credit, or other problems spreading among bank holding companies, nonbank financial companies, and United States financial markets; Recommenda- tions. Recommenda- tions.