It's ironic that they call themselves the Financial Stability Oversight Council. They must mean definition number 2 below, but it looks more like number 1 to me.
I hope they discuss their oversight regarding what happened to the GSE's.
o·ver·sight
/'ov?r?sit/
noun
noun: oversight; plural noun: oversights
1. an unintentional failure to notice or do something.
"he said his failure to pay for the tickets was an oversight"
synonyms: mistake, error, omission, lapse, slip, blunder; More
informalslip-up, boo-boo, goof, flub "a stupid oversight"
•carelessness, inattention, negligence, forgetfulness, laxity
"the omission was due to oversight"
2. the action of overseeing something.
"effective oversight of the financial reporting process"
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