Financial Stability Oversight Council Improvement Act of 2021

Hozzl · 2022-12-30T17:47:42Z

Explore the details of House Bill 3899 Financial Stability Oversight Council Improvement Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/30/2022, 5:47 PM

Summary of Bill HR 3899

Bill 117 HR 3899, also known as the Financial Stability Oversight Council Improvement Act of 2021, aims to make changes to the Financial Stability Oversight Council (FSOC) in order to improve its effectiveness in monitoring and addressing risks to the financial system.

The bill proposes several key changes to the FSOC, including increasing transparency and accountability by requiring the council to hold public meetings and publish more information about its activities. It also seeks to enhance the council's ability to identify and respond to emerging threats to financial stability by requiring it to conduct more frequent and thorough risk assessments.

Additionally, the bill aims to strengthen the FSOC's ability to coordinate with other regulatory agencies and improve communication among its members. It also includes provisions to enhance the council's ability to address systemic risks posed by nonbank financial companies. Overall, the Financial Stability Oversight Council Improvement Act of 2021 seeks to enhance the FSOC's ability to fulfill its mandate of promoting financial stability and protecting the economy from future crises.

Congressional Summary of HR 3899

Financial Stability Oversight Council Improvement Act of 2021

The bill requires the Financial Stability Oversight Council, prior to determining that a U.S. nonbank financial company shall be supervised by the Federal Reserve Board and therefore subject to certain prudential standards, to first determine that certain alternative actions would not mitigate the threat the company may pose to U.S. financial stability.

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Current Status of Bill HR 3899

Bill HR 3899 is currently in the status of Bill Introduced since June 15, 2021. Bill HR 3899 was introduced during Congress 117 and was introduced to the House on June 15, 2021. Bill HR 3899's most recent activity was Referred to the House Committee on Financial Services. as of June 15, 2021

Bipartisan Support of Bill HR 3899

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 3899

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 3899

Financial Stability Oversight Council Improvement Act of 2021

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.

Financial Stability Oversight Council Improvement Act of 2021