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H.R. 3857 (114th): To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes.

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The text of the bill below is as of Oct 29, 2015 (Introduced).

I

114th CONGRESS

1st Session

H. R. 3857

IN THE HOUSE OF REPRESENTATIVES

October 29, 2015

introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes.

1.

Requirements related to the Financial Stability Act of 2010

(a)

In general

The Financial Stability Oversight Council may not make a determination under section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) that a nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System and subject to prudential standards until 90 days after—

(1)

the Board of Governors of the Federal Reserve System establishes prudential standards for nonbank financial companies, as required by subsections (a) and (b) of section 165 of such Act;

(2)

the Board of Governors of the Federal Reserve System promulgates regulations setting forth criteria for exempting certain types or classes of U.S. nonbank financial companies or foreign nonbank financial companies from supervision, as required by section 170 of such Act; and

(3)

the Financial Stability Oversight Council—

(A)

reevaluates within calendar year 2016 each determination made under subsections (a) and (b) of section 113 of such Act and rescinds any such determination if the Council determines that the nonbank financial company no longer meets the standards under such subsections, as required by section 113(d) of such Act; and

(B)

submits a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives explaining with specificity the reasons for which the Council did not rescind any such determination.

(b)

Definitions

For purposes of this section, the terms nonbank financial company, U.S. nonbank financial company, and foreign nonbank financial company have the meaning given those terms, respectively, under section 102 of the Financial Stability Act of 2010 (12 U.S.C. 5311).