FSOC Transparency and Accountability Act

Bill: 114-hr-3557
Sponsor: full_name: Rep. Garrett, Scott [R-NJ-5]
Introduced: 2015-09-18
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)
Latest action: action_date: 2016-04-19
text: Placed on the Union Calendar, Calendar No. 387.

Summaries:
action_date: 2015-09-18
action_desc: Introduced in House
text: <p><b>FSOC Transparency and Accountability Act</b></p> <p>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).</p> <p>Declares the Council an agency for purposes of the &quot;Government in the Sunshine Act&quot; (and its open meeting requirements).</p> <p> 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.</p> <p>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. </p> <p>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.</p> <p>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. </p>

action_date: 2016-04-19
action_desc: Reported to House without amendment
text: <p>(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)</p> <p><b>FSOC Transparency and Accountability Act</b></p> <p>(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).</p> <p>The Council is declared an agency for purposes of the &quot;Government in the Sunshine Act&quot; (and its open meeting requirements).</p> <p> 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.</p> <p>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. </p> <p>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.</p> <p> 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. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 3557 IN THE HOUSE OF REPRESENTATIVES September 18, 2015 Mr. Garrett (for himself and Mr. Hurt of Virginia ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to hold open meetings and comply with the requirements of the Federal Advisory Committee Act, to provide additional improvements to the Council, and for other purposes.

1. Short title This Act may be cited as the FSOC Transparency and Accountability Act . 2. Financial Stability Oversight Council transparency (a) Transparency Section 111 of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 ) is amended— (1) by striking subsection (g) (relating to the nonapplicability of FACA); and (2) by inserting after subsection (f) the following: (g) Open meeting requirement The Council shall be an agency for purposes of section 552b of title 5, United States Code (commonly referred to as the Government in the Sunshine Act ). . (b) Council membership Section 111(b) of such Act is amended— (1) in paragraph (1)— (A) by striking who shall each and inserting who shall, except as provided below, each ; (B) by amending subparagraph (B) to read as follows: (B) each member of the Board of Governors, who shall collectively have 1 vote on the Council; ; (C) by amending subparagraph (E) to read as follows: (E) each member of the Commission, who shall collectively have 1 vote on the Council; ; (D) by amending subparagraph (F) to read as follows: (F) each member of the Corporation, who shall collectively have 1 vote on the Council; ; (E) by amending subparagraph (G) to read as follows: (G) each member of the Commodity Futures Trading Commission, who shall collectively have 1 vote on the Council; ; and (F) by amending subparagraph (I) to read as follows: (I) each member of the National Credit Union Administration Board, who shall collectively have 1 vote on the Council; ; and (2) by adding at the end the following: (4) Voting by multi-person entity (A) Voting within the entity An entity described under subparagraph (B), (E), (F), (G) or (I) shall determine the entity’s Council vote by using the voting process normally applicable to votes by the entity’s members. (B) Casting of entity vote The 1 collective Council vote of an entity described under subparagraph (A) shall be cast by the head of such agency or, in the event such head is unable to cast such vote, the next most senior member of the entity available. . (c) Meeting oversight and access Section 111(e) of such Act is amended by adding at the end the following: (3) Staff access Any member of the Council 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. (4) Congressional oversight All meetings of the Council, whether or not open to the public, shall be open to the attendance by, and participation of, members of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (5) Member agency meetings Any meeting of representatives of the member agencies other than the members themselves shall be open to attendance by, and participation of, staff of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. .

tv_txt: IB Union Calendar No. 387 114th CONGRESS 2d Session H. R. 3557 [Report No. 114–507] IN THE HOUSE OF REPRESENTATIVES September 18, 2015 Mr. Garrett (for himself and Mr. Hurt of Virginia ) introduced the following bill; which was referred to the Committee on Financial Services April 19, 2016 Additional sponsors: Mrs. Wagner , Mr. Mulvaney , Mr. Emmer of Minnesota , and Mr. Fincher April 19, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to hold open meetings and comply with the requirements of the Federal Advisory Committee Act, to provide additional improvements to the Council, and for other purposes.

1. Short title This Act may be cited as the FSOC Transparency and Accountability Act . 2. Financial Stability Oversight Council transparency (a) Transparency Section 111 of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 ) is amended— (1) by striking subsection (g) (relating to the nonapplicability of FACA); and (2) by inserting after subsection (f) the following: (g) Open meeting requirement The Council shall be an agency for purposes of section 552b of title 5, United States Code (commonly referred to as the Government in the Sunshine Act ). . (b) Council membership Section 111(b) of such Act is amended— (1) in paragraph (1)— (A) by striking who shall each and inserting who shall, except as provided below, each ; (B) by amending subparagraph (B) to read as follows: (B) each member of the Board of Governors, who shall collectively have 1 vote on the Council; ; (C) by amending subparagraph (E) to read as follows: (E) each member of the Commission, who shall collectively have 1 vote on the Council; ; (D) by amending subparagraph (F) to read as follows: (F) each member of the Corporation, who shall collectively have 1 vote on the Council; ; (E) by amending subparagraph (G) to read as follows: (G) each member of the Commodity Futures Trading Commission, who shall collectively have 1 vote on the Council; ; and (F) by amending subparagraph (I) to read as follows: (I) each member of the National Credit Union Administration Board, who shall collectively have 1 vote on the Council; ; and (2) by adding at the end the following: (4) Voting by multi-person entity (A) Voting within the entity An entity described under subparagraph (B), (E), (F), (G) or (I) shall determine the entity’s Council vote by using the voting process normally applicable to votes by the entity’s members. (B) Casting of entity vote The 1 collective Council vote of an entity described under subparagraph (A) shall be cast by the head of such agency or, in the event such head is unable to cast such vote, the next most senior member of the entity available. . (c) Meeting oversight and access Section 111(e) of such Act is amended by adding at the end the following: (3) Staff access Any member of the Council 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. (4) Congressional oversight All meetings of the Council, whether or not open to the public, shall be open to the attendance by, and participation of, members of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. (5) Member agency meetings Any meeting of representatives of the member agencies other than the members themselves shall be open to attendance by, and participation of, staff of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate. .

April 19, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed