PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Apr 14, 2020
Systemic Risk Mitigation Act of 2020
This bill automatically designates certain nonbank financial companies as systemically important, which subjects these companies to certain prudential standards, including capital and liquidity rules, annual stress tests, and living wills requirements. This designation may be rescinded by the Financial Stability Oversight Council upon further review.
The bill provides the council with rulemaking authority regarding an activity or practice that increases risk to the financial system.
The bill creates the Climate Change Subcommittee within the council to address the risk climate change poses to the financial system.
The bill also revises administrative provisions of the council, including those regarding staffing, funding, and meetings.
People & committees
Rep. Garcia, Jesus G. "Chuy" [D-IL-4] · D–IL
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Referred to the House Committee on Financial Services.
Sponsor introductory remarks on measure. (CR E364-365)
Introduced in House
Introduced in House
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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