H.R. 3466 · 118th Congress
To enhance Financial Stability Oversight Council transparency.
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BarrSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill makes several changes to the Financial Stability Oversight Council (FSOC), including by requiring congressional approval before certain activities, eliminating certain duties, and by capping FSOC assessments. The FSOC monitors threats to U.S.
What it does: CRS summary · Introduced in House · May 18, 2023
This bill makes several changes to the Financial Stability Oversight Council (FSOC), including by requiring congressional approval before certain activities, eliminating certain duties, and by capping FSOC assessments. The FSOC monitors threats to U.S. financial stability through cross-agency information sharing, regulatory coordination, and the designation of certain companies and activities as significant.
The bill requires congressional approval before subjecting a nonbank financial company to enhanced prudential supervision. Currently, the FSOC makes this determination upon an evaluation and vote that requires two-thirds of the council's approval. The bill also eliminates the emergency exception to this authority that allows the FSOC to waive or modify certain requirements.
The bill eliminates several of the FSOC's duties and activities, including its duty to make recommendations to the Federal Reserve Board to establish certain heightened prudential standards for nonbank financial companies and large bank holding companies supervised by the Federal Reserve Board.
FSOC assessments are capped at current levels.
The bill requires that the FSOC notify Congress before performing several actions, including gathering information from bank holding companies and nonbank financial companies. In addition, the bill adds an independent member to the FSOC that serves for six years and who must be from a different political party than the President.
The Government Accountability Office must audit the FSOC annually.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To enhance Financial Stability Oversight Council transparency.
Latest action (May 18, 2023): Referred to the Committee on Financial Services, and in addition to the Committee on Rules, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Finance and Financial Sector · Origin: House · Introduced: May 18, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.