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Bill114th CongressFiled Oct 29, 2015Finance and Financial Sector
H.R. 3857

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.

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Under committee review

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What it doesSummary reported to house without amendment (Dec 16, 2016)

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

(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:

  • the Federal Reserve Board establishes prudential standards for nonbank financial companies,
  • the Federal Reserve Board promulgates criteria for exempting certain types or classes of U.S. or foreign nonbank financial companies from supervision,
  • 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
  • FSOC reports to Congress its reasons for not rescinding any determination.

What just happenedDec 16, 2016

Placed on the Union Calendar, Calendar No. 689.

Who’s behind it

Rep. Messer, Luke [R-IN-6](R-IN)Sponsor
Read on Congress.gov
1committees9actions5subjects
  1. Dec 16, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 689.

  2. Dec 16, 2016CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-878.

    Financial Services Committee
  3. Dec 16, 2016Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-878.

    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. Oct 29, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Oct 29, 2015IntroReferralIntro-H

    Introduced in House

  9. Oct 29, 2015IntroReferral1000

    Introduced in House

Reported to House without amendmentDec 16, 201679

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

(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:

  • the Federal Reserve Board establishes prudential standards for nonbank financial companies,
  • the Federal Reserve Board promulgates criteria for exempting certain types or classes of U.S. or foreign nonbank financial companies from supervision,
  • 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
  • FSOC reports to Congress its reasons for not rescinding any determination.
Introduced in HouseOct 29, 2015

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:

  • the Board establishes prudential standards for nonbank financial companies,
  • the Board promulgates criteria for exempting certain types or classes of U.S. or foreign nonbank financial companies from supervision,
  • 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
  • the Council reports to certain congressional committees its reasons for not rescinding any determination.
To require the Board of Governors of the Federal Reserve System and the Financial Stabilit… — Informed