Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘FSOC Transparency 
and Accountability Act’’. 
SEC. 
2. 
FINANCIAL 
STABILITY 
OVERSIGHT 
COUNCIL 
TRANSPARENCY. 
(a) TRANSPARENCY.—Section 111 of the Financial 
Stability Act of 2010 (12 U.S.C. 5321) is amended— 
(1) by striking subsection (g) (relating to the 
nonapplicability of FACA); and 
(2) by inserting after subsection (f) the fol-
lowing: 
‘‘(g) OPEN MEETING REQUIREMENT.—The Council 
shall be an agency for purposes of section 552b of title 
5, United States Code (commonly referred to as the ‘Gov-
ernment in the Sunshine Act’).’’. 
(b) COUNCIL MEMBERSHIP.—Section 111(b) of such 
Act is amended— 
(1) in paragraph (1)— 
(A) by striking ‘‘who shall each’’ and in-
serting ‘‘who shall, except as provided below, 
each’’; 
(B) by amending subparagraph (B) to read 
as follows: 
VerDate Sep 11 2014 
21:12 Apr 19, 2016
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H3557.RH
H3557
asabaliauskas on DSK3SPTVN1PROD with BILLS
‘‘(B) each member of the Board of Gov-
ernors, who shall collectively have 1 vote on the 
Council;’’; 
(C) by amending subparagraph (E) to read 
as follows: 
‘‘(E) each member of the Commission, who 
shall collectively have 1 vote on the Council;’’; 
(D) by amending subparagraph (F) to 
read as follows: 
‘‘(F) each member of the Corporation, who 
shall collectively have 1 vote on the Council;’’; 
(E) by amending subparagraph (G) to read 
as follows: 
‘‘(G) each member of the Commodity Fu-
tures Trading Commission, who shall collec-
tively have 1 vote on the Council;’’; and 
(F) by amending subparagraph (I) to read 
as follows: 
‘‘(I) each member of the National Credit 
Union Administration Board, who shall collec-
tively have 1 vote on the Council;’’; and 
(2) by adding at the end the following: 
‘‘(4) VOTING BY MULTI-PERSON ENTITY.— 
‘‘(A) VOTING
WITHIN
THE
ENTITY.—An 
entity described under subparagraph (B), (E), 
VerDate Sep 11 2014 
21:12 Apr 19, 2016
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H3557.RH
H3557
asabaliauskas on DSK3SPTVN1PROD with BILLS
(F), (G) or (I) shall determine the entity’s 
Council vote by using the voting process nor-
mally applicable to votes by the entity’s mem-
bers. 
‘‘(B) CASTING OF ENTITY VOTE.—The 1 
collective Council vote of an entity described 
under subparagraph (A) shall be cast by the 
head of such agency or, in the event such head 
is unable to cast such vote, the next most senior 
member of the entity available.’’. 
(c) MEETING OVERSIGHT
AND ACCESS.—Section 
111(e) of such Act is amended by adding at the end the 
following: 
‘‘(3) STAFF
ACCESS.—Any member of the 
Council may select to have one or more individuals 
on the member’s staff attend a meeting of the Coun-
cil, including any meeting of representatives of the 
member agencies other than the members them-
selves. 
‘‘(4) CONGRESSIONAL
OVERSIGHT.—All meet-
ings of the Council, whether or not open to the pub-
lic, shall be open to the attendance by, and partici-
pation of, members of the Committee on Financial 
Services of the House of Representatives and the 
VerDate Sep 11 2014 
21:12 Apr 19, 2016
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H3557.RH
H3557
asabaliauskas on DSK3SPTVN1PROD with BILLS
Committee on Banking, Housing, and Urban Affairs 
of the Senate. 
‘‘(5) MEMBER AGENCY MEETINGS.—Any meet-
ing of representatives of the member agencies other 
than the members themselves shall be open to at-
tendance by, and participation of, staff of the Com-
mittee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Hous-
ing, and Urban Affairs of the Senate.’’. 
VerDate Sep 11 2014 
21:12 Apr 19, 2016
Jkt 059200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H3557.RH
H3557
asabaliauskas on DSK3SPTVN1PROD with BILLS
VerDate Sep 11 2014 
21:12 Apr 19, 2016
Jkt 059200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H3557.RH
H3557
asabaliauskas on DSK3SPTVN1PROD with BILLS