PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 689.
Congressional Research Service
Version 79 · 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.
People & committees
Rep. Messer, Luke [R-IN-6] · R–IN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Placed on the Union Calendar, Calendar No. 689.
Reported by the Committee on Financial Services. H. Rept. 114-878.
Reported by the Committee on Financial Services. H. Rept. 114-878.
Ordered to be Reported by the Yeas and Nays: 33 - 24.
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
Text links open the official source. We currently store references to these documents.
No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
AI Conversation Starters
Choose a perspective, copy a prompt, and paste it into your preferred AI. Each prompt includes the bill version and available official source links, and asks for counterarguments as well as supporting evidence.
Analyze H.R.3857 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.3857 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.3857 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.3857 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.