Enhancing Financial Stability Research and Oversight Act

Bill 117 HR 7742, also known as the Enhancing Financial Stability Research and Oversight Act, aims to improve the oversight and research of financial stability in the United States. The bill was introduced in the House of Representatives on September 15, 2020, by Representative Maxine Waters.

The main purpose of this bill is to enhance the ability of the Financial Stability Oversight Council (FSOC) to identify and address potential risks to the financial system. The FSOC is a government organization that was created in response to the 2008 financial crisis to monitor and address systemic risks in the financial system.

The bill includes provisions to strengthen the FSOC's research capabilities, improve coordination among member agencies, and enhance transparency in its decision-making processes. It also requires the FSOC to conduct regular stress tests on financial institutions to assess their resilience to economic shocks. Additionally, the bill aims to increase the accountability of the FSOC by requiring it to report to Congress on its activities and decisions. It also establishes a new Office of Financial Research within the Treasury Department to support the FSOC's research efforts. Overall, the Enhancing Financial Stability Research and Oversight Act seeks to improve the ability of the government to monitor and address risks to the financial system, ultimately promoting greater stability and resilience in the US economy.