H.R.4061 - Financial Stability Oversight Council Improvement Act of 2017115th Congress (2017-2018) |
|Sponsor:||Rep. Ross, Dennis A. [R-FL-15] (Introduced 10/12/2017)|
|Committees:||House - Financial Services|
|Committee Reports:||H. Rept. 115-592|
|Latest Action:||House - 03/14/2018 Rules Committee Resolution H. Res. 780 Reported to House. The resolution provides for one hour of debate on each measure. The rule provides for H.R. 4061 and H.R. 4293 to be considered under closed rules. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4061 — 115th Congress (2017-2018)All Information (Except Text)
Reported to House without amendment (03/09/2018)
Financial Stability Oversight Council Improvement Act of 2017
This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systematically important and consequently be supervised by the Federal Reserve Board and subject to 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.
Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it.
The bill revises procedural requirements related to council determinations.