Financial Stability Oversight Council Improvement Act of 2024

Hozzl · 2024-01-26T13:30:56Z

Explore the details of Senate Bill 3601 Financial Stability Oversight Council Improvement Act of 2024 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/26/2024, 1:30 PM

Summary of Bill S 3601

The Financial Stability Oversight Council Improvement Act of 2024, also known as Bill 118 s 3601, is a piece of legislation aimed at enhancing the effectiveness and transparency of the Financial Stability Oversight Council (FSOC). The FSOC is a government body established in response to the 2008 financial crisis, tasked with identifying and addressing risks to the stability of the US financial system.

The main provisions of the bill include requiring the FSOC to conduct regular reviews of its designations of nonbank financial companies as systemically important financial institutions (SIFIs). These designations subject these companies to enhanced regulatory oversight by the Federal Reserve and other agencies. The bill also calls for the FSOC to provide more detailed justifications for its SIFI designations and to improve the process for companies to challenge these designations.

Additionally, the bill aims to increase the transparency of the FSOC's decision-making process by requiring public notice and comment periods for certain actions, such as the designation of SIFIs. It also calls for the FSOC to provide more information to Congress and the public about its activities and decisions. Overall, the Financial Stability Oversight Council Improvement Act of 2024 seeks to strengthen the FSOC's ability to identify and address risks to the US financial system while also increasing accountability and transparency in its operations.

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Current Status of Bill S 3601

Bill S 3601 is currently in the status of Bill Introduced since January 17, 2024. Bill S 3601 was introduced during Congress 118 and was introduced to the Senate on January 17, 2024. Bill S 3601's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of January 17, 2024

Bipartisan Support of Bill S 3601

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 S 3601

Primary Policy Focus

Alternate Title(s) of Bill S 3601

Financial Stability Oversight Council Improvement Act of 2024Financial Stability Oversight Council Improvement Act of 2024A bill to 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.

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Comments

Sponsors and Cosponsors of S 3601

Mike Rounds

South Dakota(Republican)

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