On April 30, the FSOC released its 2013 annual report required pursuant to the Dodd-Frank Act.  The report focuses on seven key themes:  (i) vulnerability to runs in wholesale funding markets that can lead to destabilizing fire sales; (ii) the reliance of the housing finance system on government and agency guarantees; (iii) operational risks; (iv) reliance on reference interest rates, including LIBOR; (v) resilience to interest rate risk; (vi) long-term fiscal imbalances; and (vii) U.S. sensitivity to possible adverse developments in foreign countries.  FSOC Report.