Financial Stability Oversight Council Improvement Act of 2015

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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

R RossSponsor

60 cosponsors · 31 D, 29 R

1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

Financial Stability Oversight Council Improvement Act of 2015

What it does: CRS summary · Reported to House without amendment · Dec 12, 2016

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Financial Stability Oversight Council Improvement Act of 2015

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System, including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

FSOC must: (1) reevaluate annually its determinations regarding a nonbank financial company under Federal Reserve Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination

A nonbank financial company, every five years after FSOC's final determination, may request a reevaluation of it.

The bill prescribes procedural requirements for proposed FSOC determinations and final decisionmaking.

FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Financial Stability Oversight Council Improvement Act of 2015

Latest action (Dec 12, 2016): Placed on the Union Calendar, Calendar No. 681.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 23, 2015

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.