Financial Stability Oversight Council Improvement Act of 2015

Bill 114 hr 1550, also known as the Financial Stability Oversight Council Improvement Act of 2015, 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 main purpose of the FSOC is to identify and monitor risks to the financial stability of the United States. The council is made up of representatives from various federal financial regulatory agencies, as well as an independent member with insurance expertise.

The Financial Stability Oversight Council Improvement Act of 2015 seeks to enhance the transparency and accountability of the FSOC. It requires the council to hold public meetings and provide more detailed explanations for its decisions. The bill also aims to improve the process for designating nonbank financial companies as systemically important, which subjects them to additional regulatory oversight. Additionally, the bill includes provisions to increase congressional oversight of the FSOC. It requires the council to submit annual reports to Congress and undergo periodic reviews by the Government Accountability Office. Overall, the Financial Stability Oversight Council Improvement Act of 2015 is intended to strengthen the FSOC's ability to identify and address risks to the financial stability of the United States, while also increasing transparency and accountability in its decision-making process.