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Union Calendar No. 387 

114TH CONGRESS 

2D SESSION H. R. 3557 

[Report No. 114–507] 

To amend the Financial Stability Act of 2010 to require the Financial 

Stability Oversight Council to hold open meetings and comply with the 

requirements of the Federal Advisory Committee Act, to provide additional improvements to the Council, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 18, 2015 

Mr. GARRETT (for himself and Mr. HURT of Virginia) introduced the following 

bill; which was referred to the Committee on Financial Services 

APRIL 19, 2016 

Additional sponsors: Mrs. WAGNER, Mr. MULVANEY, Mr. EMMER of 

Minnesota, and Mr. FINCHER

APRIL 19, 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 3557 RH

A BILL 

To amend the Financial Stability Act of 2010 to require 

the Financial Stability Oversight Council to hold open 

meetings and comply with the requirements of the Federal Advisory Committee Act, to provide additional improvements to the Council, and for other purposes. 


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•HR 3557 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. SHORT TITLE. 

4 This Act may be cited as the ‘‘FSOC Transparency 

5 and Accountability Act’’. 

6 SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL 

7 TRANSPARENCY. 

8 (a) TRANSPARENCY.—Section 111 of the Financial 

9 Stability Act of 2010 (12 U.S.C. 5321) is amended— 

10 (1) by striking subsection (g) (relating to the 

11 nonapplicability of FACA); and 

12 (2) by inserting after subsection (f) the fol13 lowing: 

14 ‘‘(g) OPEN MEETING REQUIREMENT.—The Council 

15 shall be an agency for purposes of section 552b of title 

16 5, United States Code (commonly referred to as the ‘Gov17 ernment in the Sunshine Act’).’’. 

18 (b) COUNCIL MEMBERSHIP.—Section 111(b) of such 

19 Act is amended— 

20 (1) in paragraph (1)— 

21 (A) by striking ‘‘who shall each’’ and in22 serting ‘‘who shall, except as provided below, 

23 each’’; 

24 (B) by amending subparagraph (B) to read 

25 as follows: 


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1 ‘‘(B) each member of the Board of Gov2 ernors, who shall collectively have 1 vote on the 

3 Council;’’; 

4 (C) by amending subparagraph (E) to read 

5 as follows: 

6 ‘‘(E) each member of the Commission, who 

7 shall collectively have 1 vote on the Council;’’; 

8 (D) by amending subparagraph (F) to 

9 read as follows: 

10 ‘‘(F) each member of the Corporation, who 

11 shall collectively have 1 vote on the Council;’’; 

12 (E) by amending subparagraph (G) to read 

13 as follows: 

14 ‘‘(G) each member of the Commodity Fu15 tures Trading Commission, who shall collec16 tively have 1 vote on the Council;’’; and 

17 (F) by amending subparagraph (I) to read 

18 as follows: 

19 ‘‘(I) each member of the National Credit 

20 Union Administration Board, who shall collec21 tively have 1 vote on the Council;’’; and 

22 (2) by adding at the end the following: 

23 ‘‘(4) VOTING BY MULTI-PERSON ENTITY.— 

24 ‘‘(A) VOTING WITHIN THE ENTITY.—An 

25 entity described under subparagraph (B), (E), 


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•HR 3557 RH

1 (F), (G) or (I) shall determine the entity’s 

2 Council vote by using the voting process nor3 mally applicable to votes by the entity’s mem4 bers. 

5 ‘‘(B) CASTING OF ENTITY VOTE.—The 1 

6 collective Council vote of an entity described 

7 under subparagraph (A) shall be cast by the 

8 head of such agency or, in the event such head 

9 is unable to cast such vote, the next most senior 

10 member of the entity available.’’. 

11 (c) MEETING OVERSIGHT AND ACCESS.—Section 

12 111(e) of such Act is amended by adding at the end the 

13 following: 

14 ‘‘(3) STAFF ACCESS.—Any member of the 

15 Council may select to have one or more individuals 

16 on the member’s staff attend a meeting of the Coun17 cil, including any meeting of representatives of the 

18 member agencies other than the members them19 selves. 

20 ‘‘(4) CONGRESSIONAL OVERSIGHT.—All meet21 ings of the Council, whether or not open to the pub22 lic, shall be open to the attendance by, and partici23 pation of, members of the Committee on Financial 

24 Services of the House of Representatives and the 


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1 Committee on Banking, Housing, and Urban Affairs 

2 of the Senate. 

3 ‘‘(5) MEMBER AGENCY MEETINGS.—Any meet4 ing of representatives of the member agencies other 

5 than the members themselves shall be open to at6 tendance by, and participation of, staff of the Com7 mittee on Financial Services of the House of Rep8 resentatives and the Committee on Banking, Hous9 ing, and Urban Affairs of the Senate.’’. 


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Union Calendar No. 387 

114TH CONGRESS 

2D SESSION H. R. 3557 

[Report No. 114–507] 

A BILL 

To amend the Financial Stability Act of 2010 to 

Council, and for other purposes. Act, to provide additional improvements to the quirements of the Federal Advisory Committee to hold open meetings and comply with the rerequire the Financial Stability Oversight Council 

APRIL 19, 2016 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


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