Nobody had the responsibility to deal with emerging threats before they caused damage to our economy. That is why we created the Financial Stability Oversight Council as part of dodd frank. Fsoc filled that void. It serves as an advanced warn ing system to identify and address posed by large complex companies, products and activities before they threaten the economy. The counsel has ensured that for the first time that our financial regulators are working collaboratively to identify and respond to emerging threats to Financial Stability, and with their february announcement outlining enhanced engagement and opportunities for public input, theyve doubled their efforts to engage with the industry and congress in a transparent matter. We have taken important steps to prevent another Economic Disaster from happening including making our large banks resilient. Leveraged and liquidity standards. Covering oversight gaps in our Financial System. Designating complex interconnected nonbanks for