H.R.1550 - Financial Stability Oversight Council Improvement Act of 2015114th Congress (2015-2016)
|Sponsor:||Rep. Ross, Dennis A. [R-FL-15] (Introduced 03/23/2015)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 114-871|
|Latest Action:||12/12/2016 Placed on the Union Calendar, Calendar No. 681. (All Actions)|
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Summary: H.R.1550 — 114th Congress (2015-2016)All Information (Except Text)
Reported to House without amendment (12/12/2016)
(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.