Detailed Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Problem:SECTION 1. SHORT TITLE.

This Act may be cited as the ''FSOC Designation Review Act''.

SEC. 2. REEVALUATION AND REAFFIRMATION.

Section 113(d) of the Financial Stability Act of 2010 (12 U.S.C.
5323(d)) is amended to read as follows:
''(d) Reevaluation and Reaffirmation.--
''(1) In general.--The Council shall reevaluate each
determination made under subsections (a) and (b) with respect
to a nonbank financial company supervised by the Board of
Governors on--
''(A) an annual basis; and
''(B) upon the request of such company based upon
the company's representation that there has been a
material change in the company's operations or
activities or a material change in regulatory or market
conditions.
''(2) Reevaluation.--As part of the reevaluation required
by paragraph (1), the Council shall--
''(A) provide the nonbank financial company with a
confidential written analysis of the specific elements
of the company's exposures or activities that would be
relevant to the Council's reevaluation of the
determination for such company;
''(B) provide the nonbank financial company with an
opportunity to submit written materials to the Council
regarding the reevaluation, including, as the company's
option, a plan to obtain rescission of the
determination or other materials relevant to the
assessment described under paragraph (3)(A);
''(C) if the nonbank financial company submits a
plan under subparagraph (B), consider whether the plan,
if implemented, would result in the nonbank financial
company no longer meeting the criteria for a final
determination under subsection (a) or (b);
''(D) make a preliminary written decision regarding
rescinding such determination;
''(E) if the preliminary decision is not to rescind
the determination, provide the nonbank financial
company with--
''(i) a copy of the preliminary decision,
which shall include a confidential written
analysis explaining with specificity whether
and to what extent any plan submitted by the
company under subparagraph (B) addresses the
potential threat posed by the nonbank financial
company to the financial stability of the
United States;
''(ii) an opportunity to meet with
representatives of the Council to discuss the
preliminary decision and analysis provided
under clause (i); and
''(iii) an opportunity to revise and re-
submit such plan or any other written
materials, after discussions with
representatives of the Council; and
''(F) upon the request of the nonbank financial
company, grant such company an oral hearing before the
Council.
''(3) Vulnerability to financial distress.--
''(A) In general.--The written analysis required
under paragraph (2)(A) shall include an assessment
describing with particularity the vulnerability of the
nonbank financial company to financial distress,
including consideration of the company's leverage,
liquidity risk and maturity mismatch, and existing
regulatory scrutiny of the company.
''(B) Effective of failure to include assessment.--
If the Council provides a written analysis under
paragraph (2)(A) that does not contain the assessment
required under subparagraph (A), any determination made
under subsection (a) or (b) with respect to such
company shall be rescinded immediately.
''(C) Definitions.--For purposes of this paragraph
the terms 'vulnerability to financial distress',
'leverage', 'liquidity risk and maturity mismatch', and
'existing regulatory scrutiny of the nonbank financial
company' shall have the same meaning as those terms are
given, respectively, under appendix A to part 1310 of
title 12, Code of Federal Regulations.
''(4) Reaffirmation.--
''(A) In general.--Following a reevaluation under
paragraph (1), the Council shall vote whether to
reaffirm the determination that the nonbank financial
company shall be supervised by the Board of Governors
and shall be subject to prudential standards, pursuant
to subsection (a) or (b), as applicable.
''(B) Vote requirement.--Any reaffirmation under
subparagraph (A) shall require a vote of no fewer than
/3\ of the voting members then serving, including an
affirmative vote by the Chairperson, finding that the
company still meets the standards for designation under
subsection (a) or (b), as applicable. Any such finding
shall include a detailed explanation of the basis for
the Council's determination, including a confidential
written analysis explaining with specificity whether
and to what extent any plan submitted by the nonbank
financial company pursuant to paragraph (2)(B)
addresses the potential threat posed by the company to
the financial stability of the United States.
''(C) Effect of failure to reaffirm.--If the
Council votes under subparagraph (A) with respect to a
nonbank financial company and does not reaffirm the
designation, the determination made with respect to
such company shall be rescinded immediately.
''(5) Views of primary financial regulatory agency.--In
conducting a reevaluation under paragraph (1), the Council
shall consult with the primary financial regulatory agency for
the nonbank financial company, if any, and the primary
financial regulatory agencies of the company's principal
subsidiaries, if any, and the views of such agencies shall be
given special consideration.''.

SEC. 3. JUDICIAL REVIEW.

Section 113(h) of the Financial Stability Act of 2010 (12 U.S.C.
5323(h)) is amended by striking ''subsection (d)(2)'' and inserting
''subsection (d)(4)''.
Solution:
FSOC Designation Review Act This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies. The FSOC shall reevaluate such a determination not only annually (as under current law) but also upon the request of a nonbank financial company based on its representation that there has been a material change in its operations or activities or a material change in regulatory or market conditions. FSOC must give the company as part of a reevaluation: a confidential written analysis of the specific elements of the company's exposures or activities that would be relevant to the FSOC's reevaluation; and opportunity to submit written materials in response, including a plan to obtain rescission of the determination or other materials relevant to the assessment. The FSOC's written analysis must assess with particularity the company's vulnerability to financial distress, including consideration of its leverage, liquidity risk, and maturity mismatch, and existing regulatory scrutiny of the company. Following a reevaluation the FSOC shall vote whether to reaffirm the determination; but if two-thirds of the voting members do not vote in favor of reaffirmation, the determination in question shall be rescinded immediately, subject at company option to judicial review. (Currently a determination is automatically reaffirmed upon reevaluation unless by a two-thirds vote the FSOC rescinds it.)