To require the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council to carry out certain requirements under the Financial Stability Act of 2010 before making any new determination under section 113 of such Act, and for other purposes.

Bill 114 hr 3857, also known as the "Financial Stability Oversight Council Reform Act," aims to impose certain requirements on the Board of Governors of the Federal Reserve System and the Financial Stability Oversight Council before they can make any new determinations under section 113 of the Financial Stability Act of 2010.

The bill seeks to ensure that the Board of Governors and the Council carefully consider and fulfill specific obligations outlined in the Financial Stability Act of 2010 before making any new determinations related to financial stability. This includes conducting thorough analyses and assessments of potential risks to the financial system, as well as consulting with relevant stakeholders and experts in the field.

Additionally, the bill includes provisions for increased transparency and accountability in the decision-making process of the Board of Governors and the Council. It requires them to provide detailed justifications for their determinations and to make their findings and reasoning publicly available. Overall, the aim of Bill 114 hr 3857 is to strengthen the oversight and decision-making processes of the Federal Reserve System and the Financial Stability Oversight Council in order to promote greater financial stability and protect the interests of the American public.