To enhance Financial Stability Oversight Council transparency.

Subjects: Finance and Financial Sector


<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3466 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 3466

     To enhance Financial Stability Oversight Council transparency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 18, 2023

  Mr. Barr (for himself and Mr. Loudermilk) introduced the following 
bill; which was 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

_______________________________________________________________________

                                 A BILL


 
     To enhance Financial Stability Oversight Council transparency.

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

SECTION 1. FSOC TRANSPARENCY.

    (a) Financial Stability Act of 2010.--The Financial Stability Act 
of 2010 (12 U.S.C. 5311 et seq.) is amended--
            (1) in section 111--
                    (A) in subsection (b)(1)--
                            (i) in subparagraph (I), by striking 
                        ``and'' at the end;
                            (ii) in subparagraph (J), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(K) an independent member appointed by the 
                President, by and with the advice and consent of the 
                Senate, and not of the same political party as the 
                President.'';
                    (B) in subsection (c)--
                            (i) in paragraph (1), by striking 
                        ``independent member'' and inserting 
                        ``independent members''; and
                            (ii) in paragraph (4)--
                                    (I) in the heading, by striking 
                                ``independent member'' and inserting 
                                ``independent members''; and
                                    (II) by striking ``subsection 
                                (b)(1)(J)'' and inserting 
                                ``subparagraph (J) or (K) of subsection 
                                (b)(1)'';
                    (C) by striking subsection (d);
                    (D) by redesignating subsections (e) through (j) as 
                subsections (d) through (i), respectively;
                    (E) in subsection (d), as so redesignated, by 
                adding at the end the following:
            ``(3) Notice to congress.--The Chairperson shall notify the 
        chair and ranking members of the Committee on Financial 
        Services of the House of Representatives and the chair and 
        ranking members of the Committee on Banking, Housing, and Urban 
        Affairs of the Senate of a meeting at the same time as the 
        meeting participants are notified.'';
                    (F) in subsection (f), as so redesignated, by 
                striking ``, or to any special advisory, technical, or 
                professional committee appointed by the Council, except 
                that, if an advisory, technical, or professional 
                committee has one or more members who are not employees 
                of or affiliated with the United States Government, the 
                Council shall publish a list of the names of the 
                members of such committee'';
                    (G) in subsection (g), as so redesignated, by 
                inserting before the period at the end the following: 
                ``, but if such services, funds, facilities, staff, or 
                other support services are provided with respect to any 
                Council program or activity that has, or is planned to 
                have, duration of greater than 90 days, the Council 
                shall notify Congress of such provision''; and
                    (H) in subsection (i), as so redesignated, by 
                adding at the end the following: ``The Council shall 
                report on such detailed employees on a monthly basis to 
                Congress.'';
            (2) in section 112--
                    (A) in subsection (a)(2)--
                            (i) in subparagraph (A), by inserting after 
                        ``system'' the following: ``and only after 
                        notifying Congress'';
                            (ii) by striking subparagraphs (D) and (I);
                            (iii) by redesignating subparagraphs (E), 
                        (F), (G), (H), (J), (K), (L), (M), and (N) as 
                        subparagraphs (D) through (L), respectively;
                            (iv) in subparagraph (D), as so 
                        redesignated, by striking ``agencies and'' and 
                        inserting ``agencies, Congress, and'';
                            (v) in subparagraph (E), as so 
                        redesignated, by inserting after ``to the 
                        member agencies'' the following: ``, the chair 
                        and ranking member of the Committee on 
                        Financial Services of the House of 
                        Representatives and the chair and ranking 
                        member of the Committee on Banking, Housing, 
                        and Urban Affairs of the Senate'';
                            (vi) in subparagraph (G), as so 
                        redesignated, by striking ``may'';
                            (vii) in subparagraph (H), as so 
                        redesignated, by inserting before the semicolon 
                        the following: ``, and notify the chair and 
                        ranking member of the Committee on Financial 
                        Services of the House of Representatives and 
                        the chair and ranking member of the Committee 
                        on Banking, Housing, and Urban Affairs of the 
                        Senate of such identifications'';
                            (viii) in subparagraph (I), as so 
                        redesignated, by inserting after ``primary 
                        financial regulatory agencies to apply'' the 
                        following: ``primary financial regulatory 
                        agencies, the chair and ranking member of the 
                        Committee on Financial Services of the House of 
                        Representatives, and the chair and ranking 
                        member of the Committee on Banking, Housing, 
                        and Urban Affairs of the Senate on the costs 
                        and benefits of applying''; and
                            (ix) in subparagraph (J), as so 
                        redesignated, by inserting ``the Congress and'' 
                        before ``the Commission'';
                    (B) in subsection (c), by inserting ``no later than 
                60 days'' after ``hearing,''; and
                    (C) in subsection (d)--
                            (i) in paragraph (1)--
                                    (I) by striking ``as necessary'' 
                                and all that follows through ``to 
                                monitor'' and inserting ``as necessary 
                                to monitor'';
                                    (II) by striking ``; or'' and 
                                inserting a period; and
                                    (III) by striking subparagraph (B);
                            (ii) in paragraph (2), by inserting before 
                        the period at the end the following: ``and to 
                        Congress'';
                            (iii) in paragraph (3), by adding at the 
                        end the following:
                    ``(D Congressional notification.--The Council may 
                not require the submission of periodic and other 
                reports under this paragraph until 30 days after the 
                Council has notified the chair and ranking member of 
                the Committee on Financial Services of the House of 
                Representatives and the chair and ranking member of the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate of the Council's intention to require such 
                submission.'';
                            (iv) in paragraph (4), by inserting after 
                        ``Council may'' the following: ``, after 
                        notifying the chair and ranking member of the 
                        Committee on Financial Services of the House of 
                        Representatives and the chair and ranking 
                        member of the Committee on Banking, Housing, 
                        and Urban Affairs of the Senate,''; and
                            (v) in paragraph (5)(A), by inserting 
                        before the period at the end the following: ``, 
                        except that Congress may request any such 
                        confidential data, information, or reports'';
            (3) in section 113--
                    (A) in subsection (a)(2)--
                            (i) in subparagraph (I), by adding ``and'' 
                        at the end;
                            (ii) in subparagraph (J), by striking ``; 
                        and'' and inserting a period; and
                            (iii) by striking subparagraph (K);
                    (B) in subsection (b)(2)--
                            (i) in subparagraph (I), by adding ``and'' 
                        at the end;
                            (ii) in subparagraph (J), by striking ``; 
                        and'' and inserting a period; and
                            (iii) by striking subparagraph (K);
                    (C) by striking subsection (f);
                    (D) by redesignating subsections (g), (h), and (i) 
                as subsections (f), (g), and (h), respectively;
                    (E) in subsection (g), as so redesignated, by 
                striking ``subsection (d)(2), (e)(3), or (f)(5)'' and 
                inserting ``subsection (d)(2) or (e)(3)''; and
                    (F) by adding at the end the following:
    ``(i) Congressional Review.--
            ``(1) Notification.--If the Council makes a determination 
        under this section, the Council shall immediately notify 
        Congress of such determination.
            ``(2) Effectiveness of determination.--A determination made 
        by the Council under this section--
                    ``(A) may not take effect until the end of the 60-
                day period beginning on the date that the Council 
                notifies the Congress of such determination; and
                    ``(B) shall have no force or effect if disapproved, 
                as provided under this subsection.
            ``(3) Congressional disapproval procedure.--
                    ``(A) Joint resolution defined.--For purposes of 
                this paragraph, the term `joint resolution' means only 
                a joint resolution introduced during the 60-day period 
                described under paragraph (2)(A), the matter after the 
                resolving clause of which is as follows: `That Congress 
                disapproves the determination of the Financial 
                Stability Oversight Council submitted in a notification 
                to Congress on ___, and such determination shall have 
                no force or effect.' (The blank space being filled in 
                with the appropriate date.).
                    ``(B) Treatment in senate.--
                            ``(i) In the Senate, if the committee to 
                        which is referred a joint resolution has not 
                        reported such joint resolution (or an identical 
                        joint resolution) at the end of the 20-day 
                        period beginning on the date Congress is 
                        notified of a determination, such committee may 
                        be discharged from further consideration of 
                        such joint resolution upon a petition supported 
                        in writing by 30 Members of the Senate, and 
                        such joint resolution shall be placed on the 
                        calendar.
                            ``(ii) In the Senate, when the committee to 
                        which a joint resolution is referred has 
                        reported, or when a committee is discharged 
                        (under clause (i)) from further consideration 
                        of a joint resolution, it is at any time 
                        thereafter in order (even though a previous 
                        motion to the same effect has been disagreed 
                        to) for a motion to proceed to the 
                        consideration of the joint resolution, and all 
                        points of order against the joint resolution 
                        (and against consideration of the joint 
                        resolution) are waived. The motion is not 
                        subject to amendment, or to a motion to 
                        postpone, or to a motion to proceed to the 
                        consideration of other business. A motion to 
                        reconsider the vote by which the motion is 
                        agreed to or disagreed to shall not be in 
                        order. If a motion to proceed to the 
                        consideration of the joint resolution is agreed 
                        to, the joint resolution shall remain the 
                        unfinished business of the Senate until 
                        disposed of.
                            ``(iii) In the Senate, debate on the joint 
                        resolution, and on all debatable motions and 
                        appeals in connection therewith, shall be 
                        limited to not more than 10 hours, which shall 
                        be divided equally between those favoring and 
                        those opposing the joint resolution. A motion 
                        further to limit debate is in order and not 
                        debatable. An amendment to, or a motion to 
                        postpone, or a motion to proceed to the 
                        consideration of other business, or a motion to 
                        recommit the joint resolution is not in order.
                            ``(iv) In the Senate, immediately following 
                        the conclusion of the debate on a joint 
                        resolution, and a single quorum call at the 
                        conclusion of the debate if requested in 
                        accordance with the rules of the Senate, the 
                        vote on final passage of the joint resolution 
                        shall occur.
                            ``(v) In the Senate, appeals from the 
                        decisions of the Chair relating to the 
                        application of the rules of the Senate to the 
                        procedure relating to a joint resolution shall 
                        be decided without debate.
                            ``(vi) In the Senate, the procedure 
                        specified in this subparagraph shall not apply 
                        to the consideration of a joint resolution 
                        after the end of the 60-day period described 
                        under paragraph (2)(A).
            ``(4) Treatment of joint resolution received from the other 
        house.--If, before the passage by one House of a joint 
        resolution of that House, that House receives from the other 
        House a joint resolution, then the following procedures shall 
        apply:
                    ``(A) The joint resolution of the other House shall 
                not be referred to a committee.
                    ``(B) With respect to a joint resolution of the 
                House receiving the joint resolution--
                            ``(i) the procedure in that House shall be 
                        the same as if no joint resolution had been 
                        received from the other House; but
                            ``(ii) the vote on final passage shall be 
                        on the joint resolution of the other House.
            ``(5) Treatment of this paragraph.--This paragraph is 
        enacted by Congress--
                    ``(A) as an exercise of the rulemaking power of the 
                Senate and House of Representatives, respectively, and 
                as such it is deemed a part of the rules of each House, 
                respectively, but applicable only with respect to the 
                procedure to be followed in that House in the case of a 
                joint resolution, and it supersedes other rules only to 
                the extent that it is inconsistent with such rules; and
                    ``(B) with full recognition of the constitutional 
                right of either House to change the rules (so far as 
                relating to the procedure of that House) at any time, 
                in the same manner, and to the same extent as in the 
                case of any other rule of that House.'';
            (4) in section 115--
                    (A) in subsection (a)(1), by inserting after 
                ``recommendations to'' the following: ``the chair and 
                ranking member of the Committee on Financial Services 
                of the House of Representatives, the chair and ranking 
                member of the Committee on Banking, Housing, and Urban 
                Affairs of the Senate, and'';
                    (B) in subsection (c)(3), by inserting after 
                ``recommendations to'' the following: ``the chair and 
                ranking member of the Committee on Financial Services 
                of the House of Representatives, the chair and ranking 
                member of the Committee on Banking, Housing, and Urban 
                Affairs of the Senate, and'';
                    (C) in subsection (d)--
                            (i) in paragraph (1), by inserting after 
                        ``make recommendations to the Board of 
                        Governors'' the following: ``, if the chair and 
                        ranking member of the Committee on Financial 
                        Services of the House of Representatives and 
                        the chair and ranking member of the Committee 
                        on Banking, Housing, and Urban Affairs of the 
                        Senate are notified of such recommendations,''; 
                        and
                            (ii) in paragraph (2), by inserting after 
                        ``make recommendations to the Board of 
                        Governors'' the following: ``, if the chair and 
                        ranking member of the Committee on Financial 
                        Services of the House of Representatives and 
                        the chair and ranking member of the Committee 
                        on Banking, Housing, and Urban Affairs of the 
                        Senate are notified of such recommendations,'';
                    (D) in subsection (e), by inserting after ``make 
                recommendations to the Board of Governors'' the 
                following: ``, if the chair and ranking member of the 
                Committee on Financial Services of the House of 
                Representatives and the chair and ranking member of the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate are notified of such recommendations,'';
                    (E) in subsection (f), by inserting after ``make 
                recommendations to the Board of Governors'' the 
                following: ``, if the chair and ranking member of the 
                Committee on Financial Services of the House of 
                Representatives and the chair and ranking member of the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate are notified of such recommendations,''; and
                    (F) in subsection (g), by inserting after ``make 
                recommendations to the Board of Governors'' the 
                following: ``, if the chair and ranking member of the 
                Committee on Financial Services of the House of 
                Representatives and the chair and ranking member of the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate are notified of such recommendations,'';
            (5) in section 116(a), by inserting after ``may'' the 
        following: ``, after notifying the chair and ranking member of 
        the Committee on Financial Services of the House of 
        Representatives and the chair and ranking member of the 
        Committee on Banking, Housing, and Urban Affairs of the 
        Senate,'';
            (6) in section 120--
                    (A) in subsection (a), by inserting after 
                ``regulatory agencies'' the following: ``, if the chair 
                and ranking member of the Committee on Financial 
                Services of the House of Representatives and the chair 
                and ranking member of the Committee on Banking, 
                Housing, and Urban Affairs of the Senate are notified 
                of such recommendations,'';
                    (B) in subsection (b)--
                            (i) in paragraph (1), by inserting after 
                        ``to the public'' the following: ``and 
                        Congress''; and
                            (ii) in paragraph (2)(A), by inserting 
                        before the semicolon the following: ``, and the 
                        notice required under paragraph (1) shall 
                        contain data, methodology, and analysis 
                        detailing such costs'';
                    (C) in subsection (c)(2), by inserting after 
                ``recommended by the Council'' the following: ``, after 
                notifying the chair and ranking member of the Committee 
                on Financial Services of the House of Representatives 
                and the chair and ranking member of the Committee on 
                Banking, Housing, and Urban Affairs of the Senate of 
                such imposition,'';
                    (D) in subsection (e)(2)(A), by inserting before 
                the period at the end the following: ``, and notify the 
                chair and ranking member of the Committee on Financial 
                Services of the House of Representatives and the chair 
                and ranking member of the Committee on Banking, 
                Housing, and Urban Affairs of the Senate of such 
                determination and the factors, data, and analysis 
                leading to such determination''; and
                    (E) by adding at the end the following:
    ``(f) Delay in Implementation.--A primary financial regulatory 
agency may not implement a recommendation made by the Council under 
subsection (a) until the end of the 90-day period beginning on the date 
such recommendation is issued.'';
            (7) in section 121--
                    (A) in subsection (d), by inserting after 
                ``Governors may'' the following: ``, after notifying 
                the chair and ranking member of the Committee on 
                Financial Services of the House of Representatives and 
                the chair and ranking member of the Committee on 
                Banking, Housing, and Urban Affairs of the Senate,''; 
                and
                    (B) by adding at the end the following:
    ``(e) Notice to Congress; Delay in Implementation.--The Board of 
Governors--
            ``(1) shall notify the chair and ranking member of the 
        Committee on Financial Services of the House of Representatives 
        and the chair and ranking member of the Committee on Banking, 
        Housing, and Urban Affairs of the Senate of an intention to 
        take an action described under paragraph (1) through (5) of 
        subsection (a); and
            ``(2) may not take such an action until the end of the 60-
        day period beginning on the date of such notification.'';
            (8) in section 122--
                    (A) in subsection (a), by striking ``may audit'' 
                and inserting ``shall annually audit''; and
                    (B) in subsection (b)(2)--
                            (i) by striking ``The Comptroller'' and 
                        inserting ``The chair and ranking member of the 
                        Committee on Financial Services of the House of 
                        Representatives, the chair and ranking member 
                        of the Committee on Banking, Housing, and Urban 
                        Affairs of the Senate, and the Comptroller''; 
                        and
                            (ii) by striking ``as the Comptroller 
                        General'' and inserting ``as the chair, ranking 
                        member, or Comptroller General, as 
                        applicable'';
            (9) in section 152(e), by adding at the end the following: 
        ``The Office shall report on such detailed employees on a 
        monthly basis to Congress.'';
            (10) in section 153--
                    (A) in subsection (a)--
                            (i) in paragraph (3), by striking 
                        ``essential'';
                            (ii) by striking paragraph (5);
                            (iii) by redesignating paragraphs (6) and 
                        (7) as paragraphs (5) and (6), respectively; 
                        and
                            (iv) in paragraph (5), as so redesignated, 
                        by inserting before the semicolon the 
                        following: ``, the chair and ranking member of 
                        the Committee on Financial Services of the 
                        House of Representatives, and the chair and 
                        ranking member of the Committee on Banking, 
                        Housing, and Urban Affairs of the Senate'';
                    (B) in subsection (b)--
                            (i) in paragraph (1)--
                                    (I) by inserting after ``with the 
                                Council,'' the following: ``the chair 
                                and ranking member of the Committee on 
                                Financial Services of the House of 
                                Representatives, the chair and ranking 
                                member of the Committee on Banking, 
                                Housing, and Urban Affairs of the 
                                Senate,''; and
                                    (II) in subparagraph (B), by 
                                inserting before the semicolon the 
                                following: ``and without prior notice 
                                of such sharing being provided to the 
                                chair and ranking member of the 
                                Committee on Financial Services of the 
                                House of Representatives and the chair 
                                and ranking member of the Committee on 
                                Banking, Housing, and Urban Affairs of 
                                the Senate'';
                            (ii) in paragraph (2), by inserting before 
                        the semicolon the following: ``, after 
                        providing notice to the chair and ranking 
                        member of the Committee on Financial Services 
                        of the House of Representatives and the chair 
                        and ranking member of the Committee on Banking, 
                        Housing, and Urban Affairs of the Senate of 
                        such research projects'';
                            (iii) in paragraph (3), by inserting before 
                        the period at the end the following: ``, after 
                        providing notice to the chair and ranking 
                        member of the Committee on Financial Services 
                        of the House of Representatives and the chair 
                        and ranking member of the Committee on Banking, 
                        Housing, and Urban Affairs of the Senate of 
                        such assistance''; and
                    (C) in subsection (f)(1), by striking ``but only'' 
                and inserting ``but not earlier than 60 days after the 
                Director notifies the Committee on Financial Services 
                of the House of Representatives and the Committee on 
                Banking, Housing, and Urban Affairs of the Senate of 
                the requirement to produce such data and only'';
            (11) in section 154--
                    (A) in subsection (b)--
                            (i) in paragraph (1)(B)(i), by inserting 
                        after ``by the Council,'' the following: 
                        ``after notifying the chair and ranking member 
                        of the Committee on Financial Services of the 
                        House of Representatives and the chair and 
                        ranking member of the Committee on Banking, 
                        Housing, and Urban Affairs of the Senate,''; 
                        and
                            (ii) in paragraph (2), by adding at the end 
                        the following:
                    ``(C) Review and report on the cost of the 
                databases.--The Data Center shall review and report to 
                the Committee on Financial Services of the House of 
                Representatives and the Committee on Banking, Housing, 
                and Urban Affairs of the Senate annually on the cost to 
                the Government and the cost to private sector entities 
                of maintaining the financial company reference database 
                and the financial instrument reference database, 
                relative to a detailed quantification of benefits.'';
                    (B) in subsection (c)(1)(E), by inserting before 
                the semicolon the following: ``or Congress''; and
                    (C) in subsection (d)(2)--
                            (i) in subparagraph (B), by striking 
                        ``and'' at the end;
                            (ii) in subparagraph (C), by striking the 
                        period at the end and inserting ``; and''; and
                            (iii) by adding at the end the following:
                    ``(D) evidence of inefficient, ineffective, or 
                burdensome regulations.''; and
            (12) in section 155(d)--
                    (A) by striking ``Beginning'' and inserting the 
                following:
            ``(1) In general.--Beginning''; and
                    (B) by adding at the end the following:
            ``(2) Maximum assessment amount.--The aggregate amount of 
        assessments collected pursuant to paragraph (1) may not exceed 
        the aggregate amount of assessments collected in the most 
        recently completed fiscal year ending before the date of 
        enactment of this paragraph, as such aggregate amount is 
        adjusted annually by the Director of the Office to reflect the 
        change in the Consumer Price Index for All Urban Consumers 
        published by the Bureau of Labor Statistics of the Department 
        of Labor.''.
    (b) Conforming Amendments.--
            (1) Title 5.--Section 5314 of title 5, United States Code, 
        is amended by striking ``Independent Member of the Financial 
        Stability Oversight Council (1)'' and inserting ``Independent 
        Members of the Financial Stability Oversight Council (2)''.
            (2) Dodd-frank wall street reform and consumer protection 
        act.--The table of contents in section 1(b) of the Dodd-Frank 
        Wall Street Reform and Consumer Protection Act is amended by 
        inserting after the item relating to section 176 the following:

``Sec. 177. Congressional notice.''.
                                 &lt;all&gt;
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