“The outlook for global growth is characterized by elevated uncertainty, with the potential for continued volatility and unevenness of growth across countries and sectors,” Financial Stability Oversight Council said in its annual report to Congress.
The Financial Stability Oversight Council said that risks to U.S. financial stability are higher today than before the pandemic, as rising debt levels, climate risks and the ongoing uncertainty related to the COVID-19 pandemic pose threats to the global financial system.
FSOC was created in the wake of the 2008 financial crisis to identify potential risks to the financial stability of the United States and to promote market discipline. It comprises the heads of the major U.S. financial regulators and is chaired by Treasury Secretary Janet Yellen. “Digital assets are a prominent example of financial innovation that present potential benefits and risks,” the report said. “Regulatory attention and coordination are critically important in light of the quickly evolving market for these assets. Because speculation appears to drive the majority of digital asset activity at the time, the price of digital assets may be highly volatile.”
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