WASHINGTON–The first meeting of the Financial Stability Oversight Council, of which NCUA is a member, under the new administration, is to be hold this week on March 20. The new Treasury secretary, Scott Bessent, will preside over the meeting.
According to the organization, the entire meeting will be held in executive—meaning secret—session, and the public will not have an opportunity to view or listen to the proceedings.
The agency did, however, release an preliminary agenda for the meeting, which is to include:
- An update on recent Treasury market developments
- An update on cybersecurity developments
- An update on homeowners insurance and natural disasters.
Reasons Cited for Secrecy
Treasury said in a footnote the session is being held in executive session:
- To prevent the “potential disclosure of information contained in or related to investigation, examination, operating, or condition reports prepared by, on behalf of, or for the use of, an agency responsible for the regulation or supervision of financial markets or financial institutions
- To prevent the above from leading to significant financial speculation, significantly endanger the stability of any financial market or financial institution, or significantly frustrate implementation of a proposed agency action
- Because it is exempted from disclosure by statute or by regulation, or authorized under criteria established by an executive order to be kept secret
- To prevent disclosure of trade secrets and commercial or financial information obtained from a person and privileged or confidential; inter-agency and intra-agency memoranda or letters which would not otherwise be available by law
- It’s necessary to conduct administrative business of the FSOC.
