FSOC Transparency and Accountability Act

Hozzl · 2023-01-11T13:29:52Z

Explore the details of House Bill 3557 FSOC Transparency and Accountability Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/11/2023, 1:29 PM

Congressional Summary of HR 3557

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

FSOC Transparency and Accountability Act

(Sec. 2) This bill 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).

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

The voting profile of Council members is revised to cite 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.

Such member agencies shall: (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.

A Council member may 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.

All Council meetings shall 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.

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Current Status of Bill HR 3557

Bill HR 3557 is currently in the status of Bill Introduced since September 18, 2015. Bill HR 3557 was introduced during Congress 114 and was introduced to the House on September 18, 2015. Bill HR 3557's most recent activity was Placed on the Union Calendar, Calendar No. 387. as of April 19, 2016

Bipartisan Support of Bill HR 3557

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3557

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative law and regulatory proceduresAdvisory bodiesBanking and financial institutions regulationCommodity Futures Trading CommissionCongressional oversightFederal Deposit Insurance Corporation (FDIC)Federal Reserve SystemFinancial Stability Oversight CouncilFinancial crises and stabilizationGovernment ethics and transparency, public corruptionNational Credit Union AdministrationSecurities and Exchange Commission (SEC)

Alternate Title(s) of Bill HR 3557

FSOC Transparency and Accountability ActTo 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 ActFSOC Transparency and Accountability Act

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