3.0.0 2756 2023-01-11T13:17:07Z 2023-01-11T13:17:07Z Senate S S 2009-11-09 111 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2009-11-09T23:50:48Z 2009-11-09 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2009-11-09 Introduced in Senate IntroReferral 10000 9 Library of Congress W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. N Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Congressional oversight Executive agency funding and structure Financial crises and stabilization Financial services and investments Foreign and international banking Finance and Financial Sector 00 2009-11-09 Introduced in Senate 2010-01-07T15:33:16Z Financial Services Systemic Risk Oversight Council Act of 2009 - Establishes the Financial Services Systemic Risk Oversight Council, whose Chairman shall be appointed by the President with the advice and consent of the Senate.

Prohibits the Chairman from: (1) holding any other office for which appointment by the President and confirmation by the Senate are required; or (2) participating in federal election campaign activities.

Designates the following as Council members: (1) the Secretary of the Treasury; (2) the Chairman of the Board of Governors of the Federal Reserve System; (3) the Comptroller of the Currency; (4) the Director of the Office of Thrift Supervision (OTS); (5) one individual, designated by the President, having expertise and experience in the protection of consumers of financial products; (6) the Chairman of the Securities and Exchange Commission (SEC); (7) the Chairman of the Commodity Futures Trading Commission (CFTC); (8) the Chairman of the Federal Deposit Insurance Corporation (FDIC); and (9) one individual designated by the President.

Requires the Council to: (1) regulate systemic risk in the U.S. financial system; (2) monitor financial markets and financial companies to identify and address potential systemic risk; (3) evaluate the ability of the financial markets to function appropriately throughout the failure of U.S. Financial companies and foreign financial companies in a way that minimizes systemic risk; (4) establish criteria for the assignment of a primary prudential regulator to financial institutions which may pose a systemic risk which are not already subject to federal prudential regulation; and (5) establish minimum, mandatory prudential standards for the mitigation of systemic risk.

Authorizes the Council to assign a primary prudential regulator to any U.S. or foreign nonbank financial company for which the Council determines one is necessary to mitigate systemic risk related to the company.

Directs the FDIC to require a U.S. or foreign nonbank financial company that may pose a systemic risk to develop a plan for rapid and orderly resolution that: (1) is designed to mitigate systemic risk; and (2) does not contemplate and is not dependent upon the use of any extraordinary systemic resolution process that requires the President's approval.

Authorizes the Council to recommend to the President that systemic resolution procedures be used to effect the orderly failure of a financial company in specified circumstances of default or danger of default.

Requires each federal financial regulator to report annually to the Council and to specified congressional committees on actions to prevent, reduce, and mitigate the effects of systemic risk.

]]> Financial Services Systemic Risk Oversight Council Act of 2009 Display Title Financial Services Systemic Risk Oversight Council Act of 2009 Official Title as Introduced A bill to establish the Financial Services Systemic Risk Oversight Council, and for other purposes. Introduced in Senate IS Short Titles as Introduced Financial Services Systemic Risk Oversight Council Act of 2009 Introduced in Senate 2009-11-09T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s2756is/xml/BILLS-111s2756is.xml 2009-11-09 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.