To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes.

Bill: 114-hr-3857
Sponsor: full_name: Rep. Messer, Luke [R-IN-6]
Introduced: 2015-10-29
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Congressional oversight

Federal Reserve System

Financial services and investments
Latest action: action_date: 2016-12-16
text: Placed on the Union Calendar, Calendar No. 689.

Summaries:
action_date: 2015-10-29
action_desc: Introduced in House
text: <p>This bill prohibits the Financial Stability Oversight Council from determining under the Financial Stability Act of 2010 that certain nonbank financial companies shall be supervised by the Board of Governors of the Federal Reserve System and subject to prudential standards until 90 days after:</p> <ul> <li> the Board establishes prudential standards for nonbank financial companies,</li> <li> the Board promulgates criteria for exempting certain types or classes of U.S. or foreign nonbank financial companies from supervision, </li> <li>the Council reevaluates within calendar year 2016 each such determination and rescinds any of them if the nonbank financial company in question no longer meets specified standards, and</li> <li>the Council reports to certain congressional committees its reasons for not rescinding any determination.</li> </ul>

action_date: 2016-12-16
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>(Sec. 1) This bill prohibits the Financial Stability Oversight Council (FSOC) from determining under the Financial Stability Act of 2010 that certain nonbank financial companies shall be supervised by the Board of Governors of the Federal Reserve System and subject to prudential standards until 90 days after:</p> <ul> <li> the Federal Reserve Board establishes prudential standards for nonbank financial companies,</li> <li> the Federal Reserve Board promulgates criteria for exempting certain types or classes of U.S. or foreign nonbank financial companies from supervision, </li> <li>FSOC reevaluates within 2016 each such determination and rescinds any of them if the nonbank financial company in question no longer meets specified standards, and</li> <li>FSOC reports to Congress its reasons for not rescinding any determination.</li> </ul>

tv_txt: I 114th CONGRESS 1st Session H. R. 3857 IN THE HOUSE OF REPRESENTATIVES October 29, 2015 Mr. Messer introduced the following bill; which was referred to the Committee on Financial Services A BILL To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes.

1. Requirements related to the Financial Stability Act of 2010 (a) In general The Financial Stability Oversight Council may not make a determination under section 113 of the Financial Stability Act of 2010 ( 12 U.S.C. 5323 ) that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System and subject to prudential standards until 90 days after— (1) the Board of Governors of the Federal Reserve System establishes prudential standards for nonbank financial companies, as required by subsections (a) and (b) of section 165 of such Act; (2) the Board of Governors of the Federal Reserve System promulgates regulations setting forth criteria for exempting certain types or classes of U.S. nonbank financial companies or foreign nonbank financial companies from supervision, as required by section 170 of such Act; and (3) the Financial Stability Oversight Council— (A) reevaluates within calendar year 2016 each determination made under subsections (a) and (b) of section 113 of such Act and rescinds any such determination if the Council determines that the nonbank financial company no longer meets the standards under such subsections, as required by section 113(d) of such Act; and (B) submits a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives explaining with specificity the reasons for which the Council did not rescind any such determination. (b) Definitions For purposes of this section, the terms nonbank financial company , U.S. nonbank financial company , and foreign nonbank financial company have the meaning given those terms, respectively, under section 102 of the Financial Stability Act of 2010 ( 12 U.S.C. 5311 ).

tv_txt: IB Union Calendar No. 689 114th CONGRESS 2d Session H. R. 3857 [Report No. 114–878] IN THE HOUSE OF REPRESENTATIVES October 29, 2015 Mr. Messer introduced the following bill; which was referred to the Committee on Financial Services December 16, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes.

1. Requirements related to the Financial Stability Act of 2010 (a) In general The Financial Stability Oversight Council may not make a determination under section 113 of the Financial Stability Act of 2010 ( 12 U.S.C. 5323 ) that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System and subject to prudential standards until 90 days after— (1) the Board of Governors of the Federal Reserve System establishes prudential standards for nonbank financial companies, as required by subsections (a) and (b) of section 165 of such Act; (2) the Board of Governors of the Federal Reserve System promulgates regulations setting forth criteria for exempting certain types or classes of U.S. nonbank financial companies or foreign nonbank financial companies from supervision, as required by section 170 of such Act; and (3) the Financial Stability Oversight Council— (A) reevaluates within calendar year 2016 each determination made under subsections (a) and (b) of section 113 of such Act and rescinds any such determination if the Council determines that the nonbank financial company no longer meets the standards under such subsections, as required by section 113(d) of such Act; and (B) submits a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives explaining with specificity the reasons for which the Council did not rescind any such determination. (b) Definitions For purposes of this section, the terms nonbank financial company , U.S. nonbank financial company , and foreign nonbank financial company have the meaning given those terms, respectively, under section 102 of the Financial Stability Act of 2010 ( 12 U.S.C. 5311 ).

December 16, 2016 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed