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Mnuchin discusses FSOC report with House Financial Services Committee
Treasury Secretary Mnuchin presented the Financial Stability Oversight Council (FSOC) 2019 annual report and other priorities of the Treasury Department to members of the House Committee on Financial Services yesterday. He noted that, since the publication of the Council’s last annual report in December 2018, the U.S. economy has continued to perform extremely well. Economic growth in the United States far exceeds that of U.S. G7 trading partners, and unemployment rates are near a 50-year low, including unemployment levels at or near all-time lows for African Americans, Hispanic Americans, Asian Americans, and women. Wages are rising faster for hardworking families; corporate and consumer delinquency and default rates are low; and financial conditions remain stable. He also stated, “The report also provides a strong message to market participants about the need to prepare for the transition away from LIBOR as a reference rate. Failure to prepare adequately could cause significant disruptions across financial markets and to borrowers, given the widespread use of LIBOR in financial instruments.”