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Bill115th CongressFiled Oct 12, 2017Finance and Financial Sector
H.R. 4061

Financial Stability Oversight Council Improvement Act of 2017

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Apr 11, 2018)

Financial Stability Oversight Council Improvement Act of 2017

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

The bill revises procedural requirements related to council determinations of systemic importance. Specifically, the council must: (1) provide an opportunity, during an annual reevaluation of such a determination for a nonbank financial company, for the company to submit written materials to, and meet with, the council in order to contest the determination; (2) every five years, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it; and (3) undertake certain procedures for initial evaluations.

(Sec. 4) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.

What just happenedApr 12, 2018

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Ross, Dennis A. [R-FL-15](R-FL)Sponsor
57 cosponsors29 D28 R
Read on Congress.gov
57cosponsors2committees18actions1amendments2related bills12subjects
  1. Apr 12, 2018IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Apr 11, 2018FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Apr 11, 2018FloorH37100

    On passage Passed by the Yeas and Nays: 297 - 121 (Roll no. 135). (text: CR H3119-3121)

  4. Apr 11, 2018Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 297 - 121 (Roll no. 135).(text: CR H3119-3121)

  5. Apr 11, 2018FloorH35000

    The previous question was ordered pursuant to the rule.

  6. Apr 11, 2018FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 4061.

  7. Apr 11, 2018FloorH8D000

    The resolution provides for one hour of debate on each measure. The rule provides for H.R. 4061 and H.R. 4293 to be considered under closed rules.

  8. Apr 11, 2018FloorH30000

    Considered under the provisions of rule H. Res. 780. (consideration: CR H3119-3128)

  9. Mar 14, 2018FloorH1L210

    Rules Committee Resolution H. Res. 780 Reported to House. The resolution provides for one hour of debate on each measure. The rule provides for H.R. 4061 and H.R. 4293 to be considered under closed rules.

  10. Mar 9, 2018CalendarsH12410

    Placed on the Union Calendar, Calendar No. 450.

  11. Mar 9, 2018CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-592.

    Financial Services Committee
  12. Mar 9, 2018Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-592.

    Financial Services Committee
  13. Jan 18, 2018Committee

    Ordered to be Reported by the Yeas and Nays: 45 - 10.

    Financial Services Committee
  14. Jan 18, 2018Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  15. Jan 17, 2018Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  16. Oct 12, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  17. Oct 12, 2017IntroReferralIntro-H

    Introduced in House

  18. Oct 12, 2017IntroReferral1000

    Introduced in House

Passed House amendedApr 11, 201836

Financial Stability Oversight Council Improvement Act of 2017

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

The bill revises procedural requirements related to council determinations of systemic importance. Specifically, the council must: (1) provide an opportunity, during an annual reevaluation of such a determination for a nonbank financial company, for the company to submit written materials to, and meet with, the council in order to contest the determination; (2) every five years, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it; and (3) undertake certain procedures for initial evaluations.

(Sec. 4) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.

Reported to House without amendmentMar 9, 201879

Financial Stability Oversight Council Improvement Act of 2017

This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it.

The bill revises procedural requirements related to council determinations.

Introduced in HouseOct 12, 2017

Financial Stability Oversight Council Improvement Act of 2017

This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it.

The bill revises procedural requirements related to council determinations.

Financial Stability Oversight Council Improvement Act of 2017 — Informed