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 addi-
tional 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 Fed-
eral Advisory Committee Act, to provide additional im-
provements to the Council, and for other purposes. 
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’’. 
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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: 
‘‘(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: 
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‘‘(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), 
(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. 
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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.’’. 
Æ 
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