IB 
Union Calendar No. 316 
119TH CONGRESS 
1ST SESSION H. R. 3682 
[Report No. 119–364] 
To amend the Financial Stability Act of 2010 to require the Financial 
Stability Oversight Council to consider alternative approaches before de-
termining that a U.S. nonbank financial company shall be supervised 
by the Board of Governors of the Federal Reserve System, and for 
other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 3, 2025 
Mr. FOSTER (for himself and Mr. HUIZENGA) introduced the following bill; 
which was referred to the Committee on Financial Services 
NOVEMBER 4, 2025 
Additional sponsors: Mr. GOTTHEIMER, Mrs. KIM, Mr. SHERMAN, Ms. 
PETTERSEN, Mr. TORRES of New York, Mr. LUCAS, Mr. MEUSER, Mr. 
CLEAVER, Ms. HOULAHAN, Mr. DAVID SCOTT of Georgia, Mr. SCHNEI-
DER, Mr. VICENTE GONZALEZ of Texas, Mrs. WAGNER, Ms. BYNUM, Mr. 
DOWNING, Ms. DE LA CRUZ, Mr. LAWLER, Mr. HIMES, and Mr. NUNN 
of Iowa 
NOVEMBER 4, 2025 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on June 3, 2025] 
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20:33 Nov 04, 2025
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A BILL 
To amend the Financial Stability Act of 2010 to require 
the Financial Stability Oversight Council to consider al-
ternative approaches before determining that a U.S. 
nonbank financial company shall be supervised by the 
Board of Governors of the Federal Reserve System, and 
for other purposes. 
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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 ‘‘Financial Stability 
Oversight Council Improvement Act of 2025’’. 
SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL. 
Section 113 of the Financial Stability Act of 2010 (12 
U.S.C. 5323) is amended— 
(1) in subsection (a)— 
(A) in paragraph (1), by striking ‘‘The 
Council’’ and inserting ‘‘Subject to paragraph 
(3), the Council’’; and 
(B) by adding at the end the following: 
‘‘(3) INITIAL
DETERMINATION.—The Council 
may not vote on a proposed determination with re-
spect to a U.S. nonbank financial company under 
paragraph (1) unless the Council first determines, in 
consultation with the company and the primary fi-
nancial regulatory agency with respect to the com-
pany, that a different action by the Council or the 
agency (including the application of new or height-
ened standards and safeguards under section 120), or 
by the company under a written plan that is sub-
mitted promptly to the Council, is impracticable or 
insufficient to mitigate the threat that material fi-
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nancial distress at the company, or the nature, scope, 
size, scale, concentration, interconnectedness, or mix 
of the activities of the company, could pose to the fi-
nancial stability of the United States.’’; and 
(2) in subsection (f)(1), by striking ‘‘subsection 
(e)’’ and inserting ‘‘subsections (a)(3) and (e)’’. 
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Union Calendar No. 316 
119TH CONGRESS 
1ST SESSION 
H. R. 3682 
[Report No. 119–364] 
A BILL 
To amend the Financial Stability Act of 2010 to 
require the Financial Stability Oversight Council 
to consider alternative approaches before deter-
mining that a U.S. nonbank financial company 
shall be supervised by the Board of Governors of 
the Federal Reserve System, and for other pur-
poses. 
NOVEMBER 4, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
20:33 Nov 04, 2025
Jkt 069200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
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