H. R. 3899
IN THE HOUSE OF REPRESENTATIVES
June 15, 2021
Mr. Foster (for himself, Mr. Perlmutter, Mr. Hollingsworth, and Mr. Huizenga) introduced the following bill; which was referred to the Committee on Financial Services
To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System, and for other purposes.
This Act may be cited as the
Financial Stability Oversight Council Improvement Act of 2021.
Financial Stability Oversight Council
Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) is amended—
in subsection (a)—
in paragraph (1), by striking
The Council and inserting
Subject to paragraph (3), the Council; and
by adding at the end the following:
The Council may not vote on a proposed determination with respect to a U.S. nonbank financial company under paragraph (1) unless the Council first determines, in consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council or the agency (including the application of new or heightened standards and safeguards under section 120), or by the company under a written plan that is submitted promptly to the Council, is impracticable or insufficient to mitigate the threat that the company could pose to the financial stability of the United States.
in subsection (f)(1), by striking
subsection (e) and inserting
subsections (a)(3) and (e).