Final answer:
The main responsibilities of the Council of Financial Risk Council are risk assessment and policy development, designed to safeguard the stability of the U.S. financial system.
Step-by-step explanation:
The two primary responsibilities of the Council of Financial Risk Council are risk assessment and policy development. This council is tasked with identifying potential risks to the financial stability of the United States, analyzing these risks, and developing policies to mitigate them. Moreover, they are responsible for formulating response strategies to manage and alleviate financial crises when they occur. The aim of such a body aligns with broader governmental responsibilities, including ensuring economic stability and the proper functioning of financial institutions.
Although one of the options mentioned economic forecasting and market analysis, and another regulatory enforcement and budget approval, these are generally more associated with organizations like the Federal Reserve, which conducts monetary policy, or the various federal departments and Congress, which handle budgetary matters. The Council of Financial Risk Council principally focuses on overseeing the stability of the financial system through the assessment of risks and policy-making to prevent financial disturbances.