IB 

Union Calendar No. 689 

114TH CONGRESS 

2D SESSION H. R. 3857 

[Report No. 114–878] 

To require the Board of Governors of the Federal Reserve System and 

the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any 

new determination under section 113 of such Act, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

OCTOBER 29, 2015 

Mr. MESSER introduced the following bill; which was referred to the 

Committee on Financial Services 

DECEMBER 16, 2016 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


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•HR 3857 RH

A BILL 

To require the Board of Governors of the Federal Reserve 

System and the Financial Stability Oversight Council 

to carry out certain requirements under the Financial 

Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes. 


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3 

•HR 3857 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. REQUIREMENTS RELATED TO THE FINANCIAL 

4 STABILITY ACT OF 2010. 

5 (a) IN GENERAL.—The Financial Stability Oversight 

6 Council may not make a determination under section 113 

7 of the Financial Stability Act of 2010 (12 U.S.C. 5323) 

8 that a nonbank financial company shall be supervised by 

9 the Board of Governors of the Federal Reserve System 

10 and subject to prudential standards until 90 days after— 

11 (1) the Board of Governors of the Federal Re12 serve System establishes prudential standards for 

13 nonbank financial companies, as required by sub14 sections (a) and (b) of section 165 of such Act; 

15 (2) the Board of Governors of the Federal Re16 serve System promulgates regulations setting forth 

17 criteria for exempting certain types or classes of 

18 U.S. nonbank financial companies or foreign 

19 nonbank financial companies from supervision, as 

20 required by section 170 of such Act; and 

21 (3) the Financial Stability Oversight Council— 

22 (A) reevaluates within calendar year 2016 

23 each determination made under subsections (a) 

24 and (b) of section 113 of such Act and rescinds 

25 any such determination if the Council deterVerDate Sep 11 2014 20:00 Dec 16, 2016 Jkt 069200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3857.RH H3857

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•HR 3857 RH

1 mines that the nonbank financial company no 

2 longer meets the standards under such sub3 sections, as required by section 113(d) of such 

4 Act; and 

5 (B) submits a report to the Committee on 

6 Banking, Housing, and Urban Affairs of the 

7 Senate and the Committee on Financial Serv8 ices of the House of Representatives explaining 

9 with specificity the reasons for which the Coun10 cil did not rescind any such determination. 

11 (b) DEFINITIONS.—For purposes of this section, the 

12 terms ‘‘nonbank financial company’’, ‘‘U.S. nonbank fi13 nancial company’’, and ‘‘foreign nonbank financial com14 pany’’ have the meaning given those terms, respectively, 

15 under section 102 of the Financial Stability Act of 2010 

16 (12 U.S.C. 5311). 


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asabaliauskas on DSK3SPTVN1PROD with BILLS
Union Calendar No. 689 

114TH CONGRESS 

2D SESSION H. R. 3857 

[Report No. 114–878] 

A BILL 

To require the Board of Governors of the Federal 

of such Act, and for other purposes. making any new determination under section 113 under the Financial Stability Act of 2010 before sight Council to carry out certain requirements Reserve System and the Financial Stability OverDECEMBER 16, 2016 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


asabaliauskas on DSK3SPTVN1PROD with BILLS