The Financial Stability Oversight Council ( FSOC ) is a United States federal government organization, established by Title I of the Dodd–Frank Wall Street Reform and Consumer Protection Act , which was signed into law by President Barack Obama on July 21, 2010. [ 1 ] The Dodd-Frank Act provides the Council with broad authorities to identify and monitor excessive risks to the US financial system arising from the distress or failure of large, interconnected bank holding companies or non-bank financial companies , or from risks that could arise outside the financial system;