I 

114TH CONGRESS 

1ST SESSION H. R. 3557 

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 

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. 

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’’. 


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1 SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL 

2 TRANSPARENCY. 

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

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

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

6 nonapplicability of FACA); and 

7 (2) by inserting after subsection (f) the fol8 lowing: 

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

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

11 5, United States Code (commonly referred to as the ‘Gov12 ernment in the Sunshine Act’).’’. 

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

14 Act is amended— 

15 (1) in paragraph (1)— 

16 (A) by striking ‘‘who shall each’’ and in17 serting ‘‘who shall, except as provided below, 

18 each’’; 

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

20 as follows: 

21 ‘‘(B) each member of the Board of Gov22 ernors, who shall collectively have 1 vote on the 

23 Council;’’; 

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

25 as follows: 


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

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

3 (D) by amending subparagraph (F) to 

4 read as follows: 

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

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

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

8 as follows: 

9 ‘‘(G) each member of the Commodity Fu10 tures Trading Commission, who shall collec11 tively have 1 vote on the Council;’’; and 

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

13 as follows: 

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

15 Union Administration Board, who shall collec16 tively have 1 vote on the Council;’’; and 

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

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

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

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

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

22 Council vote by using the voting process nor23 mally applicable to votes by the entity’s mem24 bers. 


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

2 collective Council vote of an entity described 

3 under subparagraph (A) shall be cast by the 

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

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

6 member of the entity available.’’. 

7 (c) MEETING OVERSIGHT AND ACCESS.—Section 

8 111(e) of such Act is amended by adding at the end the 

9 following: 

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

11 Council may select to have one or more individuals 

12 on the member’s staff attend a meeting of the Coun13 cil, including any meeting of representatives of the 

14 member agencies other than the members them15 selves. 

16 ‘‘(4) CONGRESSIONAL OVERSIGHT.—All meet17 ings of the Council, whether or not open to the pub18 lic, shall be open to the attendance by, and partici19 pation of, members of the Committee on Financial 

20 Services of the House of Representatives and the 

21 Committee on Banking, Housing, and Urban Affairs 

22 of the Senate. 

23 ‘‘(5) MEMBER AGENCY MEETINGS.—Any meet24 ing of representatives of the member agencies other 

25 than the members themselves shall be open to atVerDate Sep 11 2014 04:24 Sep 23, 2015 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3557.IH H3557

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1 tendance by, and participation of, staff of the Com2 mittee on Financial Services of the House of Rep3 resentatives and the Committee on Banking, Hous4 ing, and Urban Affairs of the Senate.’’. 

Æ 


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