Financial Stability Oversight Council Improvement Act of 2023
12/6/2023, 8:15 AMSummary of Bill HR 3812
Bill 118 hr 3812, also known as the Financial Stability Oversight Council Improvement Act of 2023, aims to make improvements to the Financial Stability Oversight Council (FSOC). The FSOC was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in response to the 2008 financial crisis.The bill seeks to enhance the transparency and accountability of the FSOC by requiring the council to hold public meetings and provide more detailed explanations for its decisions. It also aims to improve the process for designating nonbank financial companies as systemically important, which subjects them to increased regulatory oversight.
Additionally, the bill includes provisions to strengthen the coordination between the FSOC and other regulatory agencies, such as the Federal Reserve and the Securities and Exchange Commission. It also calls for a review of the FSOC's operations and effectiveness to ensure that it is fulfilling its mandate to identify and address risks to the financial system. Overall, the Financial Stability Oversight Council Improvement Act of 2023 seeks to enhance the effectiveness of the FSOC in promoting financial stability and preventing another financial crisis.
Congressional Summary of HR 3812
Financial Stability Oversight Council Improvement Act of 2023
The bill requires the Financial Stability Oversight Council, prior to determining that a U.S. nonbank financial company shall be supervised by the Federal Reserve Board and therefore subject to certain prudential standards, to first determine that certain alternative actions would not mitigate the threat the company may pose to U.S. financial stability.
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Current Status of Bill HR 3812
Bill HR 3812 is currently in the status of Bill Introduced since June 5, 2023. Bill HR 3812 was introduced during Congress 118 and was introduced to the House on June 5, 2023. Bill HR 3812's most recent activity was Referred to the House Committee on Financial Services. as of June 5, 2023Bipartisan Support of Bill HR 3812
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
4Democrat Cosponsors
2Republican Cosponsors
2Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 3812
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 3812
Financial Stability Oversight Council Improvement Act of 2023Financial Stability Oversight Council Improvement Act of 2023To 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.Comments
Most relevant
Sponsors and Cosponsors of HR 3812
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