[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3557 Introduced in House (IH)]

<DOC>






114th CONGRESS
  1st Session
                                H. R. 3557

 To amend the Financial Stability Act of 2010 to require the Financial 
 Stability Oversight Council to hold open meetings and comply with the 
    requirements of the Federal Advisory Committee Act, to provide 
    additional improvements to the Council, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 18, 2015

   Mr. Garrett (for himself and Mr. Hurt of Virginia) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To amend the Financial Stability Act of 2010 to require the Financial 
 Stability Oversight Council to hold open meetings and comply with the 
    requirements of the Federal Advisory Committee Act, to provide 
    additional improvements to the Council, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``FSOC Transparency and Accountability 
Act''.

SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL TRANSPARENCY.

    (a) Transparency.--Section 111 of the Financial Stability Act of 
2010 (12 U.S.C. 5321) is amended--
            (1) by striking subsection (g) (relating to the 
        nonapplicability of FACA); and
            (2) by inserting after subsection (f) the following:
    ``(g) Open Meeting Requirement.--The Council shall be an agency for 
purposes of section 552b of title 5, United States Code (commonly 
referred to as the `Government in the Sunshine Act').''.
    (b) Council Membership.--Section 111(b) of such Act is amended--
            (1) in paragraph (1)--
                    (A) by striking ``who shall each'' and inserting 
                ``who shall, except as provided below, each'';
                    (B) by amending subparagraph (B) to read as 
                follows:
                    ``(B) each member of the Board of Governors, who 
                shall collectively have 1 vote on the Council;'';
                    (C) by amending subparagraph (E) to read as 
                follows:
                    ``(E) each member of the Commission, who shall 
                collectively have 1 vote on the Council;'';
                    (D) by amending subparagraph (F) to read as 
                follows:
                    ``(F) each member of the Corporation, who shall 
                collectively have 1 vote on the Council;'';
                    (E) by amending subparagraph (G) to read as 
                follows:
                    ``(G) each member of the Commodity Futures Trading 
                Commission, who shall collectively have 1 vote on the 
                Council;''; and
                    (F) by amending subparagraph (I) to read as 
                follows:
                    ``(I) each member of the National Credit Union 
                Administration Board, who shall collectively have 1 
                vote on the Council;''; and
            (2) by adding at the end the following:
            ``(4) Voting by multi-person entity.--
                    ``(A) Voting within the entity.--An entity 
                described under subparagraph (B), (E), (F), (G) or (I) 
                shall determine the entity's Council vote by using the 
                voting process normally applicable to votes by the 
                entity's members.
                    ``(B) Casting of entity vote.--The 1 collective 
                Council vote of an entity described under subparagraph 
                (A) shall be cast by the head of such agency or, in the 
                event such head is unable to cast such vote, the next 
                most senior member of the entity available.''.
    (c) Meeting Oversight and Access.--Section 111(e) of such Act is 
amended by adding at the end the following:
            ``(3) Staff access.--Any member of the Council may select 
        to have one or more individuals on the member's staff attend a 
        meeting of the Council, including any meeting of 
        representatives of the member agencies other than the members 
        themselves.
            ``(4) Congressional oversight.--All meetings of the 
        Council, whether or not open to the public, shall be open to 
        the attendance by, and participation of, members of the 
        Committee on Financial Services of the House of Representatives 
        and the Committee on Banking, Housing, and Urban Affairs of the 
        Senate.
            ``(5) Member agency meetings.--Any meeting of 
        representatives of the member agencies other than the members 
        themselves shall be open to attendance by, and participation 
        of, staff of the Committee on Financial Services of the House 
        of Representatives and the Committee on Banking, Housing, and 
        Urban Affairs of the Senate.''.
                                 <all>