Financial Stability Oversight Council Improvement Act of 2017

Bill: 115-hr-4061
Sponsor: Rep. Ross, Dennis A. [R-FL-15]
Introduced: 2017-10-12 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: 2017-10-12
text: 

Financial Stability Oversight Council Improvement Act of 2017

 
This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to 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. 
 
Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it. 
 
The bill revises procedural requirements related to council determinations.

action_date: 2018-03-09
text: 

Financial Stability Oversight Council Improvement Act of 2017

 
This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to 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. 
 
Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it. 
 
The bill revises procedural requirements related to council determinations.

action_date: 2018-04-11
text: 

Financial Stability Oversight Council Improvement Act of 2017

 
(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to 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. 
 
The bill revises procedural requirements related to council determinations of systemic importance. Specifically, the council must: (1) provide an opportunity, during an annual reevaluation of such a determination for a nonbank financial company, for the company to submit written materials to, and meet with, the council in order to contest the determination; (2) every five years, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it; and (3) undertake certain procedures for initial evaluations.
 
(Sec. 4) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.


Legislative actions:
action_date: 2018-04-12
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2018-04-11
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2018-04-11
text: On passage Passed by the Yeas and Nays: 297 - 121 (Roll no. 135). (text: CR H3119-3121)
action_date: 2018-04-11
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 297 - 121 (Roll no. 135).(text: CR H3119-3121)
action_date: 2018-04-11
text: The previous question was ordered pursuant to the rule.
action_date: 2018-04-11
text: DEBATE - The House proceeded with one hour of debate on H.R. 4061.
action_date: 2018-04-11
text: The resolution provides for one hour of debate on each measure. The rule provides for H.R. 4061 and H.R. 4293 to be considered under closed rules.
action_date: 2018-04-11
text: Considered under the provisions of rule H. Res. 780. (consideration: CR H3119-3128)
action_date: 2018-03-14
text: Rules Committee Resolution H. Res. 780 Reported to House. The resolution provides for one hour of debate on each measure. The rule provides for H.R. 4061 and H.R. 4293 to be considered under closed rules.
action_date: 2018-03-09
text: Placed on the Union Calendar, Calendar No. 450.
action_date: 2018-03-09
text: Reported by the Committee on Financial Services. H. Rept. 115-592.
action_date: 2018-03-09
text: Reported by the Committee on Financial Services. H. Rept. 115-592.
action_date: 2018-01-18
text: Ordered to be Reported by the Yeas and Nays: 45 - 10.
action_date: 2018-01-18
text: Committee Consideration and Mark-up Session Held.
action_date: 2018-01-17
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-12
text: Referred to the House Committee on Financial Services.
action_date: 2017-10-12
text: Introduced in House
action_date: 2017-10-12
text: Introduced in House