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Bill114th CongressFiled Mar 23, 2015Finance and Financial Sector
H.R. 1550

Financial Stability Oversight Council Improvement Act of 2015

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary reported to house without amendment (Dec 12, 2016)

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

Financial Stability Oversight Council Improvement Act of 2015

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System, including 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.

FSOC must: (1) reevaluate annually its determinations regarding a nonbank financial company under Federal Reserve Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination

A nonbank financial company, every five years after FSOC's final determination, may request a reevaluation of it.

The bill prescribes procedural requirements for proposed FSOC determinations and final decisionmaking.

FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

What just happenedDec 12, 2016

Placed on the Union Calendar, Calendar No. 681.

Who’s behind it

Rep. Ross, Dennis A. [R-FL-15](R-FL)Sponsor
60 cosponsors31 D29 R
Read on Congress.gov
60cosponsors1committees9actions12subjects
  1. Dec 12, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 681.

  2. Dec 12, 2016CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 114-871.

    Financial Services Committee
  3. Dec 12, 2016Committee5000

    Reported by the Committee on Financial Services. H. Rept. 114-871.

    Financial Services Committee
  4. Nov 4, 2015Committee

    Ordered to be Reported by the Yeas and Nays: 44 - 12.

    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. Mar 23, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  8. Mar 23, 2015IntroReferralIntro-H

    Introduced in House

  9. Mar 23, 2015IntroReferral1000

    Introduced in House

Reported to House without amendmentDec 12, 201679

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

Financial Stability Oversight Council Improvement Act of 2015

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System, including 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.

FSOC must: (1) reevaluate annually its determinations regarding a nonbank financial company under Federal Reserve Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination

A nonbank financial company, every five years after FSOC's final determination, may request a reevaluation of it.

The bill prescribes procedural requirements for proposed FSOC determinations and final decisionmaking.

FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

Introduced in HouseMar 23, 2015

Financial Stability Oversight Council Improvement Act of 2015

Amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System (Board), including 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.

Directs the Council to: (1) reevaluate annually its determinations regarding a nonbank financial company under Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination

Permits a nonbank financial company, every five years after the Council's final determination, to request a reevaluation of it.

Prescribes procedural requirements for proposed Council determinations and final decisionmaking.

Directs the Council every five years to study: (1) the impact of its determinations to subject nonbank financial companies to Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

Financial Stability Oversight Council Improvement Act of 2015 — Informed