H.R. 4248 · 114th Congress
FSOC Designation Review Act
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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
WestmorelandSponsor6 cosponsors · 2 D, 4 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies.
What it does: CRS summary · Introduced in House · Dec 15, 2015
FSOC Designation Review Act
This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies.
The FSOC shall reevaluate such a determination not only annually (as under current law) but also upon the request of a nonbank financial company based on its representation that there has been a material change in its operations or activities or a material change in regulatory or market conditions.
FSOC must give the company as part of a reevaluation:
- a confidential written analysis of the specific elements of the company's exposures or activities that would be relevant to the FSOC's reevaluation; and
- opportunity to submit written materials in response, including a plan to obtain rescission of the determination or other materials relevant to the assessment.
The FSOC's written analysis must assess with particularity the company's vulnerability to financial distress, including consideration of its leverage, liquidity risk, and maturity mismatch, and existing regulatory scrutiny of the company.
Following a reevaluation the FSOC shall vote whether to reaffirm the determination; but if two-thirds of the voting members do not vote in favor of reaffirmation, the determination in question shall be rescinded immediately, subject at company option to judicial review. (Currently a determination is automatically reaffirmed upon reevaluation unless by a two-thirds vote the FSOC rescinds it.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: FSOC Designation Review Act
Latest action (Dec 15, 2015): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 15, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.