I 
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 addi-
tion to the Committee on Rules, for a period to be subsequently deter-
mined 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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. FSOC TRANSPARENCY. 
(a) FINANCIAL STABILITY ACT OF 2010.—The Fi-
nancial Stability Act of 2010 (12 U.S.C. 5311 et seq.) 
is amended— 
(1) in section 111— 
(A) in subsection (b)(1)— 
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(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 fol-
lowing: 
‘‘(K) an independent member appointed by 
the President, by and with the advice and con-
sent 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 insert-
ing ‘‘INDEPENDENT MEMBERS’’; and 
(II) 
by 
striking 
‘‘subsection 
(b)(1)(J)’’ and inserting ‘‘subpara-
graph (J) or (K) of subsection 
(b)(1)’’; 
(C) by striking subsection (d); 
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(D) 
by 
redesignating 
subsections 
(e) 
through (j) as subsections (d) through (i), re-
spectively; 
(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, tech-
nical, or professional committee appointed by 
the Council, except that, if an advisory, tech-
nical, or professional committee has one or 
more members who are not employees of or af-
filiated 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, facili-
ties, staff, or other support services are pro-
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vided with respect to any Council program or 
activity that has, or is planned to have, dura-
tion 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 Coun-
cil 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), re-
spectively; 
(iv) in subparagraph (D), as so redes-
ignated, by striking ‘‘agencies and’’ and in-
serting ‘‘agencies, Congress, and’’; 
(v) in subparagraph (E), as so redes-
ignated, by inserting after ‘‘to the member 
agencies’’ the following: ‘‘, the chair and 
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ranking member of the Committee on Fi-
nancial Services of the House of Rep-
resentatives and the chair and ranking 
member of the Committee on Banking, 
Housing, and Urban Affairs of the Sen-
ate’’; 
(vi) in subparagraph (G), as so redes-
ignated, by striking ‘‘may’’; 
(vii) in subparagraph (H), as so re-
designated, by inserting before the semi-
colon the following: ‘‘, and notify the chair 
and ranking member of the Committee on 
Financial Services of the House of Rep-
resentatives 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 redes-
ignated, by inserting after ‘‘primary finan-
cial regulatory agencies to apply’’ the fol-
lowing: ‘‘primary financial regulatory agen-
cies, 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 
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(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), respec-
tively; 
(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 sec-
tion— 
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‘‘(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 deter-
mination; and 
‘‘(B) shall have no force or effect if dis-
approved, as provided under this subsection. 
‘‘(3) CONGRESSIONAL
DISAPPROVAL
PROCE-
DURE.— 
‘‘(A) JOINT RESOLUTION DEFINED.—For 
purposes of this paragraph, the term ‘joint res-
olution’ means only a joint resolution intro-
duced 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 noti-
fication to Congress on lll, and such deter-
mination 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 iden-
tical joint resolution) at the end of the 20- 
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day period beginning on the date Congress 
is notified of a determination, such com-
mittee may be discharged from further 
consideration of such joint resolution upon 
a petition supported in writing by 30 Mem-
bers of the Senate, and such joint resolu-
tion shall be placed on the calendar. 
‘‘(ii) In the Senate, when the com-
mittee to which a joint resolution is re-
ferred has reported, or when a committee 
is discharged (under clause (i)) from fur-
ther consideration of a joint resolution, it 
is at any time thereafter in order (even 
though a previous motion to the same ef-
fect 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 consider-
ation 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 dis-
agreed to shall not be in order. If a motion 
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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 mo-
tions 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 de-
bate 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 fol-
lowing 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 reso-
lution shall occur. 
‘‘(v) In the Senate, appeals from the 
decisions of the Chair relating to the appli-
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cation 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 resolu-
tion after the end of the 60-day period de-
scribed under paragraph (2)(A). 
‘‘(4) TREATMENT OF JOINT RESOLUTION RE-
CEIVED 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— 
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‘‘(A) as an exercise of the rulemaking 
power of the Senate and House of Representa-
tives, respectively, and as such it is deemed a 
part of the rules of each House, respectively, 
but applicable only with respect to the proce-
dure 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 constitu-
tional 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 Fi-
nancial Services of the House of Representa-
tives, 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 
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and ranking member of the Committee on Fi-
nancial Services of the House of Representa-
tives, 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 Rep-
resentatives 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 Com-
mittee on Financial Services of the House 
of Representatives and the chair and rank-
ing member of the Committee on Banking, 
Housing, and Urban Affairs of the Senate 
are notified of such recommendations,’’; 
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(D) in subsection (e), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate are notified of such recommenda-
tions,’’; 
(E) in subsection (f), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate are notified of such recommenda-
tions,’’; and 
(F) in subsection (g), by inserting after 
‘‘make recommendations to the Board of Gov-
ernors’’ the following: ‘‘, if the chair and rank-
ing member of the Committee on Financial 
Services of the House of Representatives and 
the chair and ranking member of the Com-
mittee on Banking, Housing, and Urban Affairs 
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of the Senate are notified of such recommenda-
tions,’’; 
(5) in section 116(a), by inserting after ‘‘may’’ 
the following: ‘‘, after notifying the chair and rank-
ing 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 Representa-
tives and the chair and ranking member of the 
Committee on Banking, Housing, and Urban 
Affairs of the Senate are notified of such rec-
ommendations,’’; 
(B) in subsection (b)— 
(i) in paragraph (1), by inserting after 
‘‘to the public’’ the following: ‘‘and Con-
gress’’; and 
(ii) in paragraph (2)(A), by inserting 
before the semicolon the following: ‘‘, and 
the notice required under paragraph (1) 
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shall contain data, methodology, and anal-
ysis 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, Hous-
ing, and Urban Affairs of the Senate of such 
determination and the factors, data, and anal-
ysis leading to such determination’’; and 
(E) by adding at the end the following: 
‘‘(f) DELAY IN IMPLEMENTATION.—A primary finan-
cial regulatory agency may not implement a recommenda-
tion made by the Council under subsection (a) until the 
end of the 90-day period beginning on the date such rec-
ommendation is issued.’’; 
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(7) in section 121— 
(A) in subsection (d), by inserting after 
‘‘Governors may’’ the following: ‘‘, after noti-
fying 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, Hous-
ing, and Urban Affairs of the Senate,’’; and 
(B) by adding at the end the following: 
‘‘(e) NOTICE TO CONGRESS; DELAY IN IMPLEMENTA-
TION.—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 mem-
ber 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 
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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 Com-
mittee on Financial Services of the 
House of Representatives, the chair 
and ranking member of the Com-
mittee on Banking, Housing, and 
Urban Affairs of the Senate,’’; and 
(II) in subparagraph (B), by in-
serting before the semicolon the fol-
lowing: ‘‘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 
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Committee on Banking, Housing, and 
Urban Affairs of the Senate’’; 
(ii) in paragraph (2), by inserting be-
fore 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 re-
search projects’’; 
(iii) in paragraph (3), by inserting be-
fore the period at the end the following: ‘‘, 
after providing notice to the chair and 
ranking member of the Committee on Fi-
nancial Services of the House of Rep-
resentatives 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 Rep-
resentatives and the Committee on Banking, 
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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 insert-
ing 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 Finan-
cial 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 com-
pany reference database and the financial in-
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strument reference database, relative to a de-
tailed quantification of benefits.’’; 
(B) in subsection (c)(1)(E), by inserting 
before the semicolon the following: ‘‘or Con-
gress’’; 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 fol-
lowing: 
‘‘(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 en-
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actment 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 Fi-
nancial 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 Re-
form and Consumer Protection Act is amended by 
inserting after the item relating to section 176 the 
following: 
‘‘Sec. 177. Congressional notice.’’. 
Æ 
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