Financial Stability Oversight Council Reform Act

Bill 114 hr 3340, also known as the Financial Stability Oversight Council Reform Act, aims to make changes to the Financial Stability Oversight Council (FSOC) in order to improve its effectiveness and transparency. The FSOC was created in response to the 2008 financial crisis to monitor and address risks to the stability of the financial system.

The main provisions of the bill include requiring the FSOC to hold public meetings and provide more detailed explanations for its decisions. It also aims to increase the accountability of the FSOC by requiring it to submit annual reports to Congress and undergo regular audits by the Government Accountability Office.

Additionally, the bill seeks to streamline the process for designating nonbank financial companies as systemically important, which subjects them to increased regulatory oversight. It also includes provisions to improve coordination between the FSOC and other regulatory agencies, such as the Federal Reserve and the Securities and Exchange Commission. Overall, the Financial Stability Oversight Council Reform Act aims to enhance the transparency, accountability, and effectiveness of the FSOC in order to better protect the stability of the financial system and prevent future crises.