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H.R. 4061: Financial Stability Oversight Council Improvement Act of 2017

This was a vote to pass H.R. 4061 in the House.

H.R. 4061 amends the Dodd-Frank Act 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 Federal Reserve, to consider the appropriateness of imposing heightened prudential standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

Specifically, the bill directs the FSOC to reevaluate, both annually and periodically, final determinations of systemic risk regarding a nonbank financial company under Fed supervision. Where a reevaluation determines that a nonbank financial company no longer poses a threat to the financial stability of the United States, which two-thirds of the FSOC must affirm, the FSOC shall rescind the determination. As the FSOC makes it determinations, the legislation prescribes they must provide written notification, provide an opportunity to submit written materials to the FSOC as part of an initial evaluation, provide an opportunity to meet with the FSOC to discuss the analysis, and provide disclosure of the public sources of information considered by the FSOC as part of its analysis.

Finally, the bill directs the FSOC to study the impacts of its determinations to subject nonbank financial companies to Fed supervision and prudential standards and whether such determinations have the intended result of improving domestic financial stability every five years.

Source: Republican Policy Committee

Totals

All Votes R D
Yea 69%
 
 
297
231
 
66
 
Nay 28%
 
 
121
1
 
120
 
Not Voting 2%
 
 
10
4
 
6
 

Date: Apr 11, 2018

Question: On Passage of the Bill in the House

Required: Simple Majority

Result: Passed

Source: house.gov

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Key: R Yea D Yea R Nay D Nay
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