[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3466 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 3466
To enhance Financial Stability Oversight Council transparency.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 18, 2023
Mr. Barr (for himself and Mr. Loudermilk) introduced the following
bill; which was referred to the Committee on Financial Services, and in
addition to the Committee on Rules, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To enhance Financial Stability Oversight Council transparency.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. FSOC TRANSPARENCY.
(a) Financial Stability Act of 2010.--The Financial Stability Act
of 2010 (12 U.S.C. 5311 et seq.) is amended--
(1) in section 111--
(A) in subsection (b)(1)--
(i) in subparagraph (I), by striking
``and'' at the end;
(ii) in subparagraph (J), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(K) an independent member appointed by the
President, by and with the advice and consent of the
Senate, and not of the same political party as the
President.'';
(B) in subsection (c)--
(i) in paragraph (1), by striking
``independent member'' and inserting
``independent members''; and
(ii) in paragraph (4)--
(I) in the heading, by striking
``independent member'' and inserting
``independent members''; and
(II) by striking ``subsection
(b)(1)(J)'' and inserting
``subparagraph (J) or (K) of subsection
(b)(1)'';
(C) by striking subsection (d);
(D) by redesignating subsections (e) through (j) as
subsections (d) through (i), respectively;
(E) in subsection (d), as so redesignated, by
adding at the end the following:
``(3) Notice to congress.--The Chairperson shall notify the
chair and ranking members of the Committee on Financial
Services of the House of Representatives and the chair and
ranking members of the Committee on Banking, Housing, and Urban
Affairs of the Senate of a meeting at the same time as the
meeting participants are notified.'';
(F) in subsection (f), as so redesignated, by
striking ``, or to any special advisory, technical, or
professional committee appointed by the Council, except
that, if an advisory, technical, or professional
committee has one or more members who are not employees
of or affiliated with the United States Government, the
Council shall publish a list of the names of the
members of such committee'';
(G) in subsection (g), as so redesignated, by
inserting before the period at the end the following:
``, but if such services, funds, facilities, staff, or
other support services are provided with respect to any
Council program or activity that has, or is planned to
have, duration of greater than 90 days, the Council
shall notify Congress of such provision''; and
(H) in subsection (i), as so redesignated, by
adding at the end the following: ``The Council shall
report on such detailed employees on a monthly basis to
Congress.'';
(2) in section 112--
(A) in subsection (a)(2)--
(i) in subparagraph (A), by inserting after
``system'' the following: ``and only after
notifying Congress'';
(ii) by striking subparagraphs (D) and (I);
(iii) by redesignating subparagraphs (E),
(F), (G), (H), (J), (K), (L), (M), and (N) as
subparagraphs (D) through (L), respectively;
(iv) in subparagraph (D), as so
redesignated, by striking ``agencies and'' and
inserting ``agencies, Congress, and'';
(v) in subparagraph (E), as so
redesignated, by inserting after ``to the
member agencies'' the following: ``, the chair
and ranking member of the Committee on
Financial Services of the House of
Representatives and the chair and ranking
member of the Committee on Banking, Housing,
and Urban Affairs of the Senate'';
(vi) in subparagraph (G), as so
redesignated, by striking ``may'';
(vii) in subparagraph (H), as so
redesignated, by inserting before the semicolon
the following: ``, and notify the chair and
ranking member of the Committee on Financial
Services of the House of Representatives and
the chair and ranking member of the Committee
on Banking, Housing, and Urban Affairs of the
Senate of such identifications'';
(viii) in subparagraph (I), as so
redesignated, by inserting after ``primary
financial regulatory agencies to apply'' the
following: ``primary financial regulatory
agencies, the chair and ranking member of the
Committee on Financial Services of the House of
Representatives, and the chair and ranking
member of the Committee on Banking, Housing,
and Urban Affairs of the Senate on the costs
and benefits of applying''; and
(ix) in subparagraph (J), as so
redesignated, by inserting ``the Congress and''
before ``the Commission'';
(B) in subsection (c), by inserting ``no later than
60 days'' after ``hearing,''; and
(C) in subsection (d)--
(i) in paragraph (1)--
(I) by striking ``as necessary''
and all that follows through ``to
monitor'' and inserting ``as necessary
to monitor'';
(II) by striking ``; or'' and
inserting a period; and
(III) by striking subparagraph (B);
(ii) in paragraph (2), by inserting before
the period at the end the following: ``and to
Congress'';
(iii) in paragraph (3), by adding at the
end the following:
``(D Congressional notification.--The Council may
not require the submission of periodic and other
reports under this paragraph until 30 days after the
Council has notified the chair and ranking member of
the Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate of the Council's intention to require such
submission.'';
(iv) in paragraph (4), by inserting after
``Council may'' the following: ``, after
notifying the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking
member of the Committee on Banking, Housing,
and Urban Affairs of the Senate,''; and
(v) in paragraph (5)(A), by inserting
before the period at the end the following: ``,
except that Congress may request any such
confidential data, information, or reports'';
(3) in section 113--
(A) in subsection (a)(2)--
(i) in subparagraph (I), by adding ``and''
at the end;
(ii) in subparagraph (J), by striking ``;
and'' and inserting a period; and
(iii) by striking subparagraph (K);
(B) in subsection (b)(2)--
(i) in subparagraph (I), by adding ``and''
at the end;
(ii) in subparagraph (J), by striking ``;
and'' and inserting a period; and
(iii) by striking subparagraph (K);
(C) by striking subsection (f);
(D) by redesignating subsections (g), (h), and (i)
as subsections (f), (g), and (h), respectively;
(E) in subsection (g), as so redesignated, by
striking ``subsection (d)(2), (e)(3), or (f)(5)'' and
inserting ``subsection (d)(2) or (e)(3)''; and
(F) by adding at the end the following:
``(i) Congressional Review.--
``(1) Notification.--If the Council makes a determination
under this section, the Council shall immediately notify
Congress of such determination.
``(2) Effectiveness of determination.--A determination made
by the Council under this section--
``(A) may not take effect until the end of the 60-
day period beginning on the date that the Council
notifies the Congress of such determination; and
``(B) shall have no force or effect if disapproved,
as provided under this subsection.
``(3) Congressional disapproval procedure.--
``(A) Joint resolution defined.--For purposes of
this paragraph, the term `joint resolution' means only
a joint resolution introduced during the 60-day period
described under paragraph (2)(A), the matter after the
resolving clause of which is as follows: `That Congress
disapproves the determination of the Financial
Stability Oversight Council submitted in a notification
to Congress on ___, and such determination shall have
no force or effect.' (The blank space being filled in
with the appropriate date.).
``(B) Treatment in senate.--
``(i) In the Senate, if the committee to
which is referred a joint resolution has not
reported such joint resolution (or an identical
joint resolution) at the end of the 20-day
period beginning on the date Congress is
notified of a determination, such committee may
be discharged from further consideration of
such joint resolution upon a petition supported
in writing by 30 Members of the Senate, and
such joint resolution shall be placed on the
calendar.
``(ii) In the Senate, when the committee to
which a joint resolution is referred has
reported, or when a committee is discharged
(under clause (i)) from further consideration
of a joint resolution, it is at any time
thereafter in order (even though a previous
motion to the same effect has been disagreed
to) for a motion to proceed to the
consideration of the joint resolution, and all
points of order against the joint resolution
(and against consideration of the joint
resolution) are waived. The motion is not
subject to amendment, or to a motion to
postpone, or to a motion to proceed to the
consideration of other business. A motion to
reconsider the vote by which the motion is
agreed to or disagreed to shall not be in
order. If a motion to proceed to the
consideration of the joint resolution is agreed
to, the joint resolution shall remain the
unfinished business of the Senate until
disposed of.
``(iii) In the Senate, debate on the joint
resolution, and on all debatable motions and
appeals in connection therewith, shall be
limited to not more than 10 hours, which shall
be divided equally between those favoring and
those opposing the joint resolution. A motion
further to limit debate is in order and not
debatable. An amendment to, or a motion to
postpone, or a motion to proceed to the
consideration of other business, or a motion to
recommit the joint resolution is not in order.
``(iv) In the Senate, immediately following
the conclusion of the debate on a joint
resolution, and a single quorum call at the
conclusion of the debate if requested in
accordance with the rules of the Senate, the
vote on final passage of the joint resolution
shall occur.
``(v) In the Senate, appeals from the
decisions of the Chair relating to the
application of the rules of the Senate to the
procedure relating to a joint resolution shall
be decided without debate.
``(vi) In the Senate, the procedure
specified in this subparagraph shall not apply
to the consideration of a joint resolution
after the end of the 60-day period described
under paragraph (2)(A).
``(4) Treatment of joint resolution received from the other
house.--If, before the passage by one House of a joint
resolution of that House, that House receives from the other
House a joint resolution, then the following procedures shall
apply:
``(A) The joint resolution of the other House shall
not be referred to a committee.
``(B) With respect to a joint resolution of the
House receiving the joint resolution--
``(i) the procedure in that House shall be
the same as if no joint resolution had been
received from the other House; but
``(ii) the vote on final passage shall be
on the joint resolution of the other House.
``(5) Treatment of this paragraph.--This paragraph is
enacted by Congress--
``(A) as an exercise of the rulemaking power of the
Senate and House of Representatives, respectively, and
as such it is deemed a part of the rules of each House,
respectively, but applicable only with respect to the
procedure to be followed in that House in the case of a
joint resolution, and it supersedes other rules only to
the extent that it is inconsistent with such rules; and
``(B) with full recognition of the constitutional
right of either House to change the rules (so far as
relating to the procedure of that House) at any time,
in the same manner, and to the same extent as in the
case of any other rule of that House.'';
(4) in section 115--
(A) in subsection (a)(1), by inserting after
``recommendations to'' the following: ``the chair and
ranking member of the Committee on Financial Services
of the House of Representatives, the chair and ranking
member of the Committee on Banking, Housing, and Urban
Affairs of the Senate, and'';
(B) in subsection (c)(3), by inserting after
``recommendations to'' the following: ``the chair and
ranking member of the Committee on Financial Services
of the House of Representatives, the chair and ranking
member of the Committee on Banking, Housing, and Urban
Affairs of the Senate, and'';
(C) in subsection (d)--
(i) in paragraph (1), by inserting after
``make recommendations to the Board of
Governors'' the following: ``, if the chair and
ranking member of the Committee on Financial
Services of the House of Representatives and
the chair and ranking member of the Committee
on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
and
(ii) in paragraph (2), by inserting after
``make recommendations to the Board of
Governors'' the following: ``, if the chair and
ranking member of the Committee on Financial
Services of the House of Representatives and
the chair and ranking member of the Committee
on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
(D) in subsection (e), by inserting after ``make
recommendations to the Board of Governors'' the
following: ``, if the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
(E) in subsection (f), by inserting after ``make
recommendations to the Board of Governors'' the
following: ``, if the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,''; and
(F) in subsection (g), by inserting after ``make
recommendations to the Board of Governors'' the
following: ``, if the chair and ranking member of the
Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate are notified of such recommendations,'';
(5) in section 116(a), by inserting after ``may'' the
following: ``, after notifying the chair and ranking member of
the Committee on Financial Services of the House of
Representatives and the chair and ranking member of the
Committee on Banking, Housing, and Urban Affairs of the
Senate,'';
(6) in section 120--
(A) in subsection (a), by inserting after
``regulatory agencies'' the following: ``, if the chair
and ranking member of the Committee on Financial
Services of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate are notified
of such recommendations,'';
(B) in subsection (b)--
(i) in paragraph (1), by inserting after
``to the public'' the following: ``and
Congress''; and
(ii) in paragraph (2)(A), by inserting
before the semicolon the following: ``, and the
notice required under paragraph (1) shall
contain data, methodology, and analysis
detailing such costs'';
(C) in subsection (c)(2), by inserting after
``recommended by the Council'' the following: ``, after
notifying the chair and ranking member of the Committee
on Financial Services of the House of Representatives
and the chair and ranking member of the Committee on
Banking, Housing, and Urban Affairs of the Senate of
such imposition,'';
(D) in subsection (e)(2)(A), by inserting before
the period at the end the following: ``, and notify the
chair and ranking member of the Committee on Financial
Services of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of such
determination and the factors, data, and analysis
leading to such determination''; and
(E) by adding at the end the following:
``(f) Delay in Implementation.--A primary financial regulatory
agency may not implement a recommendation made by the Council under
subsection (a) until the end of the 90-day period beginning on the date
such recommendation is issued.'';
(7) in section 121--
(A) in subsection (d), by inserting after
``Governors may'' the following: ``, after notifying
the chair and ranking member of the Committee on
Financial Services of the House of Representatives and
the chair and ranking member of the Committee on
Banking, Housing, and Urban Affairs of the Senate,'';
and
(B) by adding at the end the following:
``(e) Notice to Congress; Delay in Implementation.--The Board of
Governors--
``(1) shall notify the chair and ranking member of the
Committee on Financial Services of the House of Representatives
and the chair and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of an intention to
take an action described under paragraph (1) through (5) of
subsection (a); and
``(2) may not take such an action until the end of the 60-
day period beginning on the date of such notification.'';
(8) in section 122--
(A) in subsection (a), by striking ``may audit''
and inserting ``shall annually audit''; and
(B) in subsection (b)(2)--
(i) by striking ``The Comptroller'' and
inserting ``The chair and ranking member of the
Committee on Financial Services of the House of
Representatives, the chair and ranking member
of the Committee on Banking, Housing, and Urban
Affairs of the Senate, and the Comptroller'';
and
(ii) by striking ``as the Comptroller
General'' and inserting ``as the chair, ranking
member, or Comptroller General, as
applicable'';
(9) in section 152(e), by adding at the end the following:
``The Office shall report on such detailed employees on a
monthly basis to Congress.'';
(10) in section 153--
(A) in subsection (a)--
(i) in paragraph (3), by striking
``essential'';
(ii) by striking paragraph (5);
(iii) by redesignating paragraphs (6) and
(7) as paragraphs (5) and (6), respectively;
and
(iv) in paragraph (5), as so redesignated,
by inserting before the semicolon the
following: ``, the chair and ranking member of
the Committee on Financial Services of the
House of Representatives, and the chair and
ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate'';
(B) in subsection (b)--
(i) in paragraph (1)--
(I) by inserting after ``with the
Council,'' the following: ``the chair
and ranking member of the Committee on
Financial Services of the House of
Representatives, the chair and ranking
member of the Committee on Banking,
Housing, and Urban Affairs of the
Senate,''; and
(II) in subparagraph (B), by
inserting before the semicolon the
following: ``and without prior notice
of such sharing being provided to the
chair and ranking member of the
Committee on Financial Services of the
House of Representatives and the chair
and ranking member of the Committee on
Banking, Housing, and Urban Affairs of
the Senate'';
(ii) in paragraph (2), by inserting before
the semicolon the following: ``, after
providing notice to the chair and ranking
member of the Committee on Financial Services
of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of
such research projects'';
(iii) in paragraph (3), by inserting before
the period at the end the following: ``, after
providing notice to the chair and ranking
member of the Committee on Financial Services
of the House of Representatives and the chair
and ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate of
such assistance''; and
(C) in subsection (f)(1), by striking ``but only''
and inserting ``but not earlier than 60 days after the
Director notifies the Committee on Financial Services
of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs of the Senate of
the requirement to produce such data and only'';
(11) in section 154--
(A) in subsection (b)--
(i) in paragraph (1)(B)(i), by inserting
after ``by the Council,'' the following:
``after notifying the chair and ranking member
of the Committee on Financial Services of the
House of Representatives and the chair and
ranking member of the Committee on Banking,
Housing, and Urban Affairs of the Senate,'';
and
(ii) in paragraph (2), by adding at the end
the following:
``(C) Review and report on the cost of the
databases.--The Data Center shall review and report to
the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate annually on the cost to
the Government and the cost to private sector entities
of maintaining the financial company reference database
and the financial instrument reference database,
relative to a detailed quantification of benefits.'';
(B) in subsection (c)(1)(E), by inserting before
the semicolon the following: ``or Congress''; and
(C) in subsection (d)(2)--
(i) in subparagraph (B), by striking
``and'' at the end;
(ii) in subparagraph (C), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(D) evidence of inefficient, ineffective, or
burdensome regulations.''; and
(12) in section 155(d)--
(A) by striking ``Beginning'' and inserting the
following:
``(1) In general.--Beginning''; and
(B) by adding at the end the following:
``(2) Maximum assessment amount.--The aggregate amount of
assessments collected pursuant to paragraph (1) may not exceed
the aggregate amount of assessments collected in the most
recently completed fiscal year ending before the date of
enactment of this paragraph, as such aggregate amount is
adjusted annually by the Director of the Office to reflect the
change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics of the Department
of Labor.''.
(b) Conforming Amendments.--
(1) Title 5.--Section 5314 of title 5, United States Code,
is amended by striking ``Independent Member of the Financial
Stability Oversight Council (1)'' and inserting ``Independent
Members of the Financial Stability Oversight Council (2)''.
(2) Dodd-frank wall street reform and consumer protection
act.--The table of contents in section 1(b) of the Dodd-Frank
Wall Street Reform and Consumer Protection Act is amended by
inserting after the item relating to section 176 the following:
``Sec. 177. Congressional notice.''.
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