FSOC Transparency and Accountability Act

Bill: 114-hr-3557
Sponsor: Rep. Garrett, Scott [R-NJ-5]
Introduced: 2015-09-18 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Advisory bodies
Banking and financial institutions regulation
Commodity Futures Trading Commission
Congressional oversight
Federal Deposit Insurance Corporation (FDIC)
Federal Reserve System
Financial Stability Oversight Council
Financial crises and stabilization
Government ethics and transparency, public corruption
National Credit Union Administration
Securities and Exchange Commission (SEC)

Summary:
action_date: 2015-09-18
text: 

FSOC Transparency and Accountability Act

 
Amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).
 
Declares the Council an agency for purposes of the &quot;Government in the Sunshine Act&quot; (and its open meeting requirements).
 
 Revises the voting profile of Council members to single out the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.
 
Directs these member agencies to: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head. 
 
Permits any Council member to select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.
 
Requires all Council meetings to be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves. 

action_date: 2016-04-19
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

FSOC Transparency and Accountability Act

 
(Sec. 2) This bill amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).
 
The Council is declared an agency for purposes of the &quot;Government in the Sunshine Act&quot; (and its open meeting requirements).
 
 The voting profile of Council members is revised to cite the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.
 
Such member agencies shall: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head. 
 
A Council member may select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.
 
 All Council meetings shall be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves. 


Legislative actions:
action_date: 2016-04-19
text: Placed on the Union Calendar, Calendar No. 387.
action_date: 2016-04-19
text: Reported by the Committee on Financial Services. H. Rept. 114-507.
action_date: 2016-04-19
text: Reported by the Committee on Financial Services. H. Rept. 114-507.
action_date: 2015-11-04
text: Ordered to be Reported by the Yeas and Nays: 33 - 24.
action_date: 2015-11-04
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-11-03
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-09-18
text: Referred to the House Committee on Financial Services.
action_date: 2015-09-18
text: Introduced in House
action_date: 2015-09-18
text: Introduced in House