PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 681.
Congressional Research Service
Version 79 · 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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Ross, Dennis A. [R-FL-15] · R–FL
Legislative record
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Placed on the Union Calendar, Calendar No. 681.
Reported by the Committee on Financial Services. H. Rept. 114-871.
Reported by the Committee on Financial Services. H. Rept. 114-871.
Ordered to be Reported by the Yeas and Nays: 44 - 12.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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