Financial Stability Oversight Council Improvement Act of 2015

Bill: 114-hr-1550
Sponsor: Rep. Ross, Dennis A. [R-FL-15]
Introduced: 2015-03-23 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Administrative remedies
Bank accounts, deposits, capital
Banking and financial institutions regulation
Congressional oversight
Federal Reserve System
Financial Stability Oversight Council
Financial crises and stabilization
Financial services and investments
Foreign and international banking
Government information and archives
Government studies and investigations

Summary:
action_date: 2015-03-23
text: 

Financial Stability Oversight Council Improvement Act of 2015

 
Amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System (Board), including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.
 
Directs the Council to: (1) reevaluate annually its determinations regarding a nonbank financial company under Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination
 
Permits a nonbank financial company, every five years after the Council's final determination, to request a reevaluation of it.
 
Prescribes procedural requirements for proposed Council determinations and final decisionmaking.
 
Directs the Council every five years to study: (1) the impact of its determinations to subject nonbank financial companies to Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

action_date: 2016-12-12
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Financial Stability Oversight Council Improvement Act of 2015

 
(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System, including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.
 
FSOC must: (1) reevaluate annually its determinations regarding a nonbank financial company under Federal Reserve Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination
 
A nonbank financial company, every five years after FSOC's final determination, may request a reevaluation of it.
 
The bill prescribes procedural requirements for proposed FSOC determinations and final decisionmaking.
 
FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.


Legislative actions:
action_date: 2016-12-12
text: Placed on the Union Calendar, Calendar No. 681.
action_date: 2016-12-12
text: Reported by the Committee on Financial Services. H. Rept. 114-871.
action_date: 2016-12-12
text: Reported by the Committee on Financial Services. H. Rept. 114-871.
action_date: 2015-11-04
text: Ordered to be Reported by the Yeas and Nays: 44 - 12.
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: 2015-03-23
text: Referred to the House Committee on Financial Services.
action_date: 2015-03-23
text: Introduced in House
action_date: 2015-03-23
text: Introduced in House