[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3857 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3857

To require the Board of Governors of the Federal Reserve System and the 
Financial Stability Oversight Council to carry out certain requirements 
    under the Financial Stability Act of 2010 before making any new 
  determination under section 113 of such Act, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 29, 2015

  Mr. Messer introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To require the Board of Governors of the Federal Reserve System and the 
Financial Stability Oversight Council to carry out certain requirements 
    under the Financial Stability Act of 2010 before making any new 
  determination under section 113 of such Act, 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. REQUIREMENTS RELATED TO THE FINANCIAL STABILITY ACT OF 2010.

    (a) In General.--The Financial Stability Oversight Council may not 
make a determination under section 113 of the Financial Stability Act 
of 2010 (12 U.S.C. 5323) that a nonbank financial company shall be 
supervised by the Board of Governors of the Federal Reserve System and 
subject to prudential standards until 90 days after--
            (1) the Board of Governors of the Federal Reserve System 
        establishes prudential standards for nonbank financial 
        companies, as required by subsections (a) and (b) of section 
        165 of such Act;
            (2) the Board of Governors of the Federal Reserve System 
        promulgates regulations setting forth criteria for exempting 
        certain types or classes of U.S. nonbank financial companies or 
        foreign nonbank financial companies from supervision, as 
        required by section 170 of such Act; and
            (3) the Financial Stability Oversight Council--
                    (A) reevaluates within calendar year 2016 each 
                determination made under subsections (a) and (b) of 
                section 113 of such Act and rescinds any such 
                determination if the Council determines that the 
                nonbank financial company no longer meets the standards 
                under such subsections, as required by section 113(d) 
                of such Act; and
                    (B) submits a report to the Committee on Banking, 
                Housing, and Urban Affairs of the Senate and the 
                Committee on Financial Services of the House of 
                Representatives explaining with specificity the reasons 
                for which the Council did not rescind any such 
                determination.
    (b) Definitions.--For purposes of this section, the terms ``nonbank 
financial company'', ``U.S. nonbank financial company'', and ``foreign 
nonbank financial company'' have the meaning given those terms, 
respectively, under section 102 of the Financial Stability Act of 2010 
(12 U.S.C. 5311).
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