The Financial Stability Oversight Council (FSOC) is a U.S. government body established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. Its primary purpose is to monitor and address systemic risks to the financial system, ensuring stability and preventing future financial crises. The council is composed of various financial regulators, including the Secretary of the Treasury and the Chair of the Federal Reserve. FSOC has the authority to identify and designate certain non-bank financial institutions as "systemically important," which subjects them to stricter regulatory oversight. This helps to mitigate risks that could threaten the broader economy, promoting a safer financial environment for consumers and businesses alike.