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The Greek financial stability council recommended banks remain shut until next Tuesday.
A "stability council", composed of federal and state ministers, has little power to sanction prodigals.
An independent stability council would propose the allocation of blue bonds based on a review of national budgets.
Anthimos Thomopoulos, the boss of Piraeus Bank, said that the banks would not open on Monday after leaving a meeting of the Greek financial stability council.
In November, after the S.E.C. failed to come up with an acceptable proposal, the stability council suggested three money fund reforms.
He proposed the creation of a new "stability council" that could penalise member states that lived beyond their means and oversee competitiveness tests, which could look at, among other things, the flexibility of labour markets.
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And it would create a "financial stability oversight council" to coordinate efforts to identify risks to the financial system.
Libor dominated the hearing but it had been called to discuss the annual report of the financial stability oversight council, set up after the financial crisis.
Congress, on the other hand, is pushing for a financial stability oversight council, that would be more discretionary in its approach, curbing banks' risk-taking through close scrutiny by supervisors.
Legislation being debated in the Senate would establish a financial stability oversight council and designate the Federal Reserve as the regulator for all of the largest financial institutions, not just big banks.
He said: "What's important here is the stability of the council.
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