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FSOC Transparency and Accountability Act

3/14/2024, 12:48 PM

Congressional Summary of HR 4387

FSOC Transparency and Accountability Act - Amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).

Declares the Council an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

Revises the voting profile of Council members to single out the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.

Directs such member agencies to: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head.

Permits any Council member to select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.

Requires all Council meetings to be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.

Current Status of Bill HR 4387

Bill HR 4387 is currently in the status of Bill Introduced since April 3, 2014. Bill HR 4387 was introduced during Congress 113 and was introduced to the House on April 3, 2014.  Bill HR 4387's most recent activity was Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27. as of June 20, 2014

Bipartisan Support of Bill HR 4387

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
13
Democrat Cosponsors
1
Republican Cosponsors
12
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4387

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Administrative law and regulatory procedures
- Advisory bodies
- Banking and financial institutions regulation
- Commodity Futures Trading Commission
- Congressional oversight
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Financial Stability Oversight Council
- Financial crises and stabilization
- Government ethics and transparency, public corruption
- National Credit Union Administration
- Securities and Exchange Commission (SEC)

Alternate Title(s) of Bill HR 4387

FSOC Transparency and Accountability Act
To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to hold open meetings and comply with the requirements of the Federal Advisory Committee Act, to provide additional improvements to the Council, and for other purposes.
FSOC Transparency and Accountability Act

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