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Bill114th CongressFiled Sep 18, 2015Finance and Financial Sector
H.R. 3557

FSOC Transparency and Accountability Act

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Under committee review

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What it doesSummary reported to house without amendment (Apr 19, 2016)

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

FSOC Transparency and Accountability Act

(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).

The Council is declared an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

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.

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.

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.

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.

What just happenedApr 19, 2016

Placed on the Union Calendar, Calendar No. 387.

Who’s behind it

Rep. Garrett, Scott [R-NJ-5](R-NJ)Sponsor
5 cosponsors5 R
Read on Congress.gov
5cosponsors1committees9actions1related bills12subjects
  1. Apr 19, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 387.

  2. Apr 19, 2016CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-507.

    Financial Services Committee
  3. Apr 19, 2016Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-507.

    Financial Services Committee
  4. Nov 4, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 33 - 24.

    Financial Services Committee
  5. Nov 4, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Nov 3, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  7. Sep 18, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Sep 18, 2015IntroReferralIntro-H

    Introduced in House

  9. Sep 18, 2015IntroReferral1000

    Introduced in House

Reported to House without amendmentApr 19, 201679

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

FSOC Transparency and Accountability Act

(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).

The Council is declared an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

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.

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.

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.

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.

Introduced in HouseSep 18, 2015

FSOC Transparency and Accountability Act

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).

Declares the Council an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

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.

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.

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.

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.

FSOC Transparency and Accountability Act — Informed