116 S603 IS: Financial Stability Oversight Council Improvement Act of 2019
U.S. Senate
2019-02-28
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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.
1.This Act may be cited as the Financial Stability Oversight Council Improvement Act of 2019
.
2.Financial Stability Oversight CouncilSection 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) is amended— (1)in subsection (a)—
(A)in paragraph (1), by striking The Council
and inserting Subject to paragraph (3), the Council
; and (B)by adding at the end the following:
(3)The Council may not vote on a proposed determination with respect to a U.S. nonbank financial company under paragraph (1) unless the Council first determines, in consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council or the agency (including the application of new or heightened standards and safeguards under section 120), or by the company under a written plan that is submitted promptly to the Council, is impracticable or insufficient to mitigate the threat that the company could pose to the financial stability of the United States.; and
(2)in subsection (f)(1), by striking subsection (e)
and inserting subsections (a)(3) and (e)
.