‘‘(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-
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-
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. 
‘‘(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)). 
SEC. 4. REDUCTION OF SURPLUS FUNDS OF FEDERAL RE-
SERVE BANKS. 
(a) IN GENERAL.—Section 7(a)(3)(A) of the Federal 
Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by 
striking 
‘‘$7,500,000,000’’ 
and 
inserting 
‘‘$7,451,428,571’’.
(b) EFFECTIVE DATE.—Subsection (a) shall take ef-
fect on June 1, 2018. 
Passed the House of Representatives April 11, 2018. 
Attest: 
Clerk.
115TH CONGRESS 
2D SESSION 
H. R. 4061 
AN ACT 
To amend the Financial Stability Act of 2010 to 
improve the transparency of the Financial Sta-
bility Oversight Council, to improve the SIFI 
designation process, and for other purposes.