WASHINGTON, Sept. 22 (Xinhua) -- The new top U.S. financial regulatory council is scheduled to hold its first meeting on Oct.1, the Treasury Department announced Thursday.

The Financial Stability Oversight Council, created by the financial regulatory law signed by U.S. President Barack Obama this summer, was designed to provide more coordinated oversight of the financial system.

It is charged with identifying threats to the financial stability of the United States, promoting market discipline by eliminating expectations on the part of shareholders, creditors, and counterparties that the government will shield them from losses in the event of failure.

The panel will also respond to emerging risks to the stability of the U.S. financial system.

Treasury Secretary Timothy Geithner will chair the meeting, which includes Federal Reserve Chairman Ben Bernanke, U.S. Securities and Exchange Commission Chairwoman Mary Schapiro and other eight top financial regulators.