The financial crisis left an entire generation of Americans struggling to make ends meet.
As a result, the Federal Reserve has tried to help by easing interest rates and raising the national debt ceiling.
But many in the industry are concerned about the risks posed by the country’s most powerful bank and its potential role in the future of the economy.
The Financial Stability Oversight Council (FSOC), an independent Federal Reserve oversight agency, is tasked with monitoring the nation’s financial system and identifying risks to the financial system.
The agency oversees about $3.4 trillion in assets, including $700 billion in U.S. Treasury bonds.
Fed Chairman Ben Bernanke has stressed that FSBs independence is essential to maintaining the U.K. dollar as the world’s reserve currency, a role the U,S.
and Europe have all sought to fill.
But the FSB has been accused of favoring one nation’s dominant banks, particularly those owned by the German and French governments.
The U.KS. financial regulator, the Financial Conduct Authority (FCA), is also responsible for ensuring banks maintain a healthy balance of risk.
In 2015, the FCA warned that the FBSB was likely to have “a negative impact on financial stability” if it continued to provide capital to financial institutions, while the Financial Stability Board (FSB) warned of “grave risks” to the stability of the financial market.
FSB chairman David Willetts has warned that any further cuts to interest rates could increase the risk of a systemic collapse.
In December 2016, FSB Chairman John Whitehead said the bank would have to cut its deposit rates to a level that could cause a systemic risk to the entire financial system if it did not take steps to “prevent the potential catastrophic event that is a bank failure.”
“The question is, can the Fed prevent a bank fail and cause a meltdown of the whole financial system?
Can the Fed provide the necessary capital for a bank to survive in the face of a catastrophic event?”
Whitehead told CNBC in an interview last year.
“I think the Fed can, but I think the answer to that is no.”
On Monday, the S&P 500 index rose 1.4 percent, or 2.3%, to 2,827.50.
This is a developing story.
Please check back for updates.
Follow me on Twitter at @joshfalk, @JuanitaBertrand, and @brianmullins, or like us on Facebook .