The agency does not oversee any institutions critical to financial stability, Volcker report finds.
House Financial Services spokesman said committee would examine data security, but would not answer specific questions about Target.
Financial Stability Oversight Council was created to ensure systemic financial risks are quickly identified. GAO says more transparency needed to accomplish that.
Under the guise of deficit reduction, Republicans on the House Financial Services Committee have voted to roll back four provisions of the Dodd-Frank Act.