3.0.0 4248 2023-01-11T13:32:27Z 2023-01-11T13:32:27Z House HR 2015-12-15 114 [Congressional Record Volume 161, Number 182 (Tuesday, December 15, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. WESTMORELAND:H.R. 4248.Congress has the power to enact this legislation pursuantto the following:The Commerce Clause, Article I, Section 8, Clause 3 of theConstitution states that Congress shall have power toregulate the regulate Commerce with foreign Nations, andamong the several States, and with the Indian Tribes.[Page H9328]]]> hsba00 Financial Services Committee House Standing Referred to 2015-12-15T17:01:30Z 2015-12-15 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-12-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-12-15 Introduced in House IntroReferral 1000 9 Library of Congress W000796 Rep. Westmoreland, Lynn A. [R-GA-3] Lynn Westmoreland R GA A. 3 N S001157 Rep. Scott, David [D-GA-13] David Scott D GA 13 2015-12-15 True M001182 Rep. Mulvaney, Mick [R-SC-5] Mick Mulvaney R SC 5 2016-02-11 False M001137 Rep. Meeks, Gregory W. [D-NY-5] GREGORY MEEKS D NY W. 5 2016-03-16 False P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2016-05-23 False M001193 Rep. MacArthur, Thomas [R-NJ-3] Thomas MacArthur R NJ 3 2016-05-23 False H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 2016-05-23 False Finance and Financial Sector Banking and financial institutions regulation Department of the Treasury Financial Stability Oversight Council Financial crises and stabilization Judicial review and appeals Finance and Financial Sector 00 2015-12-15 Introduced in House 2016-04-20T20:06:34Z FSOC Designation Review Act

This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies.

The FSOC shall reevaluate such a determination not only annually (as under current law) but also upon the request of a nonbank financial company based on its representation that there has been a material change in its operations or activities or a material change in regulatory or market conditions.

FSOC must give the company as part of a reevaluation:

  • a confidential written analysis of the specific elements of the company's exposures or activities that would be relevant to the FSOC's reevaluation; and
  • opportunity to submit written materials in response, including a plan to obtain rescission of the determination or other materials relevant to the assessment.

The FSOC's written analysis must assess with particularity the company's vulnerability to financial distress, including consideration of its leverage, liquidity risk, and maturity mismatch, and existing regulatory scrutiny of the company.

Following a reevaluation the FSOC shall vote whether to reaffirm the determination; but if two-thirds of the voting members do not vote in favor of reaffirmation, the determination in question shall be rescinded immediately, subject at company option to judicial review. (Currently a determination is automatically reaffirmed upon reevaluation unless by a two-thirds vote the FSOC rescinds it.)

]]> FSOC Designation Review Act Display Title FSOC Designation Review Act Official Title as Introduced To amend the Financial Stability Act to revise the reevaluation procedures with respect to determinations by the Financial Stability Oversight Council that a nonbank financial company shall be supervised by the Board of Governors and shall be subject to prudential standards. Introduced in House IH Short Titles as Introduced FSOC Designation Review Act Introduced in House 2015-12-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4248ih/xml/BILLS-114hr4248ih.xml 2015-12-15 Referred to the House Committee on Financial Services. 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.