Financial Stability Oversight Council Improvement Act of 2023

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.