H.R. 6501 · 116th Congress
Systemic Risk Mitigation Act of 2020
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
GarcíaSponsor9 cosponsors · 9 D
D
Davis
RG
D
Grijalva
JM
D
McGovern
EN
D
Norton
KP
D
Porter
JS
D
Schakowsky
PJ
D
Jayapal
AO
D
Ocasio-Cortez
ML
D
Levin6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill automatically designates certain nonbank financial companies as systemically important, which subjects these companies to certain prudential standards, including capital and liquidity rules, annual stress tests, and living wills requirements. This designation may be rescinded by the Financial Stability Oversight Council upon further review.
What it does: CRS summary · Introduced in House · Apr 14, 2020
Systemic Risk Mitigation Act of 2020
This bill automatically designates certain nonbank financial companies as systemically important, which subjects these companies to certain prudential standards, including capital and liquidity rules, annual stress tests, and living wills requirements. This designation may be rescinded by the Financial Stability Oversight Council upon further review.
The bill provides the council with rulemaking authority regarding an activity or practice that increases risk to the financial system.
The bill creates the Climate Change Subcommittee within the council to address the risk climate change poses to the financial system.
The bill also revises administrative provisions of the council, including those regarding staffing, funding, and meetings.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Systemic Risk Mitigation Act of 2020
Latest action (Apr 14, 2020): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 14, 2020
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.