‘‘(E) 
AUTHORITY
TO
RESCIND
AP-
PROVAL.— 
‘‘(i) IN GENERAL.—During the imple-
mentation period described under subpara-
graph (C), including any extensions grant-
ed by the Council, the Council shall retain 
the authority to rescind its approval of the 
plan if the Council finds, by a vote of not 
fewer than 2⁄3 of the voting members then 
serving, including an affirmative vote by 
the Chairperson, that the company’s imple-
mentation of the plan is no longer suffi-
cient to mitigate or prevent the risks iden-
tified in the resolution described under 
paragraph (2)(A). 
‘‘(ii) FINAL DETERMINATION VOTE.— 
The Council may proceed to a vote on final 
determination under subsection (a) or (b), 
as applicable, not earlier than 10 days 
after providing the nonbank financial com-
pany with written notice that the Council 
has rescinded the approval of the com-
pany’s plan pursuant to clause (i). 
‘‘(F) ACTIONS AFTER IMPLEMENTATION.— 
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‘‘(i) EVALUATION
OF
IMPLEMENTA-
TION.—After the end of the implementa-
tion period described under subparagraph 
(C), including any extensions granted by 
the Council, the Council shall consider 
whether the plan, as implemented by the 
nonbank financial company, adequately 
mitigates or prevents the risks identified in 
the resolution described under paragraph 
(2)(A). 
‘‘(ii) VOTING.—If, after performing 
an evaluation under clause (i), not fewer 
than 2⁄3 of the voting members of the 
Council then serving, including an affirma-
tive vote by the Chairperson, determine 
that the plan, as implemented, adequately 
mitigates or prevents the identified risks, 
the Council shall not make a final deter-
mination under subsection (a) or (b), as 
applicable, with respect to the nonbank fi-
nancial company and shall notify the com-
pany of the Council’s decision to take no 
further action. 
‘‘(7) FINAL COUNCIL DECISIONS.— 
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‘‘(A) IN
GENERAL.—Not later than 90 
days after the date of a hearing under para-
graph (5), the Council shall notify the nonbank 
financial company of— 
‘‘(i) a final determination under sub-
section (a) or (b), as applicable; 
‘‘(ii) the Council’s approval of a plan 
submitted by the nonbank financial com-
pany under paragraph (5) or revised under 
paragraph (6); or 
‘‘(iii) the Council’s decision to take no 
further action with respect to the nonbank 
financial company. 
‘‘(B) EXPLANATORY STATEMENT.—A final 
determination of the Council, under subsection 
(a) or (b), shall contain a statement of the basis 
for the decision of the Council, including the 
reasons why the Council rejected any plan by 
the nonbank financial company submitted under 
paragraph (5) or revised under paragraph (6). 
‘‘(C) NOTICE TO PRIMARY FINANCIAL REG-
ULATORY AGENCY.—In the case of a final de-
termination under subsection (a) or (b), the 
Council shall provide the primary financial reg-
ulatory agency of the nonbank financial com-
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pany a copy of the nonpublic written expla-
nation of the Council’s final determination.’’; 
(5) in subsection (g), strike ‘‘before the Council 
makes any final determination’’ and insert ‘‘from 
the outset of the Council’s consideration of the com-
pany, including before the Council makes any pro-
posed or final determination’’; and 
(6) by adding at the end the following: 
‘‘(j) PUBLIC
DISCLOSURE
REQUIREMENT.—The 
Council shall— 
‘‘(1) in each case where a nonbank financial 
company has been notified that it is subject to the 
Council’s review and the company has publicly dis-
closed such fact, confirm that the nonbank financial 
company is subject to the Council’s review, in re-
sponse to a request from a third party; 
‘‘(2) upon making a final determination, pub-
licly provide a written explanation of the basis for its 
decision with sufficient detail to provide the public 
with an understanding of the specific bases of the 
Council’s determination, including any assumptions 
related thereof, subject to the requirements of sec-
tion 112(d)(5); 
‘‘(3) include, in the annual report required by 
section 112, the number of nonbank financial com-
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panies from the previous year subject to preliminary 
analysis, further review, and subject to a proposed 
or final determination; and 
‘‘(4) within 90 days after the enactment of this 
subsection, publish information regarding its meth-
odology for calculating any quantitative thresholds 
or other metrics used to identify nonbank financial 
companies for analysis by the Council. 
‘‘(k) PERIODIC ASSESSMENT
OF
THE IMPACT
OF 
DESIGNATIONS.— 
‘‘(1) ASSESSMENT.—Every five years after the 
date of enactment of this section, the Council 
shall— 
‘‘(A) conduct a study of the Council’s de-
terminations that nonbank financial companies 
shall be supervised by the Board of Governors 
and shall be subject to prudential standards; 
and 
‘‘(B) comprehensively assess the impact of 
such determinations on the companies for which 
such determinations were made and the wider 
economy, including whether such determina-
tions are having the intended result of improv-
ing the financial stability of the United States. 
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‘‘(2) REPORT.—Not later than 90 days after 
completing a study required under paragraph (1), 
the Council shall issue a report to the Congress 
that— 
‘‘(A) describes all findings and conclusions 
made by the Council in carrying out such study; 
and 
‘‘(B) identifies whether any of the Coun-
cil’s determinations should be rescinded or 
whether related regulations or regulatory guid-
ance should be modified, streamlined, expanded, 
or repealed.’’. 
SEC. 3. RULE OF CONSTRUCTION. 
None of the amendments made by this Act may be 
construed as limiting the Financial Stability Oversight 
Council’s emergency powers under section 113(f) of the 
Financial Stability Act of 2010 (12 U.S.C. 5323(f)). 
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