In light of the financial crisis, the Obama administration found it necessary to form a group of individuals to identify risks to the financial system. In July, the Financial Stability Oversight Council was formed, but has not received much press until today — the day of its first ever meeting.

Headed by Treasury Secretary Tim Geithner, the council is charged with not only identifying financial risks, but also identifying which non-bank financial institutions need special scrutiny. In their meeting today, the council will, among other things, vote to seek public comment on the Volcker rule.

The council has about four months left to study the Volcker rule and make recommendations on how it should be implemented. Regulations are due nine months after the study is completed and they will go into effect about a year later.

Though the purpose of this new group seems to be in the best interest of American businesses and taxpayers, but, of course, not everyone agrees with their agenda. The clip below features the always-dramatic Glenn Beck giving his take on the situation.

So what do you think? Is the Financial Stability Oversight Council necessary to avoid huge risks that could bring down the economy once again, or is it just another set of eyes spying on American businesses?