[House Report 119-364]
[From the U.S. Government Publishing Office]
119th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 119-364
======================================================================
FINANCIAL STABILITY OVERSIGHT COUNCIL IMPROVEMENT ACT OF 2025
_______
November 4, 2025.--Committed to the Committee of the Whole House on the
State of the Union and ordered to be printed
_______
Mr. Hill of Arkansas, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 3682]
The Committee on Financial Services, to whom was referred
the bill (H.R. 3682) to amend the Financial Stability Act of
2010 to require the Financial Stability Oversight Council to
consider alternative approaches before determining that a U.S.
nonbank financial company shall be supervised by the Board of
Governors of the Federal Reserve System, and for other
purposes, having considered the same, reports favorably thereon
with an amendment and recommends that the bill as amended do
pass.
CONTENTS
Page
Purpose and Summary.............................................. 2
Background and Need for Legislation.............................. 2
Committee Consideration.......................................... 3
Related Hearings................................................. 4
Committee Votes.................................................. 4
Committee Oversight Findings..................................... 6
Performance Goals and Objectives................................. 6
Committee Cost Estimate.......................................... 6
New Budget Authority and CBO Cost Estimate....................... 6
Unfunded Mandates Statement...................................... 6
Earmark Statement................................................ 6
Federal Advisory Committee Act Statement......................... 7
Applicability to the Legislative Branch.......................... 7
Duplication of Federal Programs.................................. 7
Section-by-Section Analysis of the Legislation................... 7
Changes in Existing Law Made by the Bill, as Reported............ 7
The amendment is as follows:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Financial Stability Oversight Council
Improvement Act of 2025''.
SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL.
Section 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) Initial determination.--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 material financial
distress at the company, or the nature, scope, size, scale,
concentration, interconnectedness, or mix of the activities of
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)''.
Purpose and Summary
H.R. 3682, the Financial Stability Oversight Council
Improvement Act of 2025, was introduced on June 3, 2025, by
Democratic Representative Bill Foster (IL-11). H.R. 3682
requires the Financial Stability Oversight Council (FSOC),
before voting to designate a U.S. nonbank financial company for
Federal Reserve supervision, to first consult with the company
and its primary regulator and determine that alternative
actions, including new or heightened standards or a written
mitigation plan, are impracticable or insufficient to address
risks to U.S. financial stability. The Council may not vote on
a proposed designation unless this determination is made.
Background and Need for Legislation
Established under Title I of the Dodd-Frank Act, FSOC was
created to identify systemic risks and coordinate the Federal
Government's response to emerging threats. In practice,
however, FSOC has evolved into a vehicle for administration-
dependent regulatory action rather than a neutral interagency
forum. Its structure makes objective oversight unlikely--
particularly given the political nature of the Treasury
Secretary's role as Chair--and the reluctance of agency heads
to critique executive policy failures.
FSOC's credibility suffered early missteps. In 2014, it
designated MetLife as a systemically important financial
institution (SIFI), subjecting it to enhanced supervision by
the Federal Reserve Board (FRB). A Federal court overturned the
designation, calling the process ``arbitrary and capricious.''
FSOC later rescinded similar designations for Prudential and GE
Capital, tacitly acknowledging they pose no meaningful systemic
threat. In 2019, the Trump Administration overhauled the
process and shifted to an activities-based approach,
emphasizing coordination with primary regulators, requiring
cost-benefit analysis, and limiting entity-based designations
to a last resort. These reforms increased transparency and
curbed regulatory overreach. In November of 2023, the Biden
Administration released interpretive guidance reinstating
FSOC's entity-specific designation approach, while also
expanding FSOC's discretion to designate nonbank financial
companies--without requiring an evaluation of alternatives to
designation or conducting even basic cost-benefit analysis.
H.R. 3682 establishes essential safeguards around the non-bank
designation process, requiring FSOC to follow a careful and
transparent procedure, including a thorough assessment of
alternatives, before placing a firm under FRB oversight.
Committee Consideration
119TH CONGRESS
On June 3, 2025, Representative Foster introduced H.R.
3682, the Financial Stability Oversight Council Improvement Act
of 2025, with Representative Bill Huizenga (R-MI) as original
cosponsor. Representatives Josh Gottheimer (D-NJ), Young Kim
(R-CA), Brad Sherman (D-CA), Brittany Pettersen (D-CO), Ritchie
Torres (D-NY), Frank Lucas (R-OK), Dan Meuser (R-PA), Emanuel
Cleaver (D-MO), Chrissy Houlahan (D-PA), David Scott (D-GA),
Brad Schneider (D-IL), Vicente Gonzalez (D-TX), Ann Wagner (R-
MO), Janelle Bynum (D-OR), Troy Downing (R-MT), Monica De La
Cruz (R-TX), Mike Lawler (R-NY), Jim Himes (D-CT), and Zach
Nunn (R-IA) were added subsequently as cosponsors.
This bill was attached to the July 15, 2025 hearing titled,
``Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.''
On September 16, 2025, the Committee on Financial Services
met in open session to consider, among others, H.R. 3682. The
Committee ordered H.R. 3682, as amended, to be favorably
reported to the House of Representatives.
118TH CONGRESS
On June 5, 2023, Representative Foster introduced H.R.
3812, the Financial Stability Oversight Council Improvement Act
of 2023, with Representative Huizenga as original cosponsor.
Representative Gottheimer was added subsequently as a
cosponsor. This bill is an earlier iteration of H.R. 3682. The
bill was referred solely to the Committee on Financial
Services.
On February 8, 2023, the Subcommittee on Financial
Institutions of the Committee on Financial Services held a
hearing titled ``Revamping and Revitalizing Banking in the 21st
Century.'' A draft version of the bill was attached to the
hearing. There was no further action on H.R. 3812 in the 118th
Congress.
117TH CONGRESS
On June 15, 2021, Representative Foster introduced H.R.
3899, the Financial Stability Oversight Council Improvement Act
of 2021, with Representatives Huizenga, Trey Hollingsworth (R-
IN), and Ed Perlmutter (D-CO) as original cosponsors. This bill
is an earlier iteration of H.R. 3682. The bill was referred
solely to the Committee on Financial Services. There was no
further action on H.R. 3899 in the 117th Congress.
116TH CONGRESS
On June 27, 2019, Representative Foster introduced H.R.
3561, the Financial Stability Oversight Council Improvement Act
of 2019, with Representatives Huizenga, Hollingsworth, and Ben
McAdams (D-UT) as original cosponsors. Representatives
Perlmutter, Scott Tipton (R-CO), Terri Sewell (D-AL), Wagner,
Gottheimer, Ted Budd (R-NC), Scott, Barry Loudermilk (R-GA),
Madeleine Dean (D-PA), Andy Barr (R-KY), Cynthia Axne (D-IA),
Gonzalez, Himes, Tom Graves (R-GA), Alexander Mooney (R-WV),
Sean Duffy (R-WI), Sherman, Sean Maloney (D-NY), Suzan DelBene
(D-WA), Brendan Boyle (D-PA), Blaine Luetkemeyer (R-MO), Bill
Posey (R-FL), Denver Riggleman (R-VA), Anthony Gonzalez (R-OH),
Houlahan, Kathleen Rice (D-NY), Roger Williams (R-TX), French
Hill (R-AR), Ron Kind (D-WI), Scott Peters (D-CA), Ann Kuster
(D-NH), Tom Emmer (R-MN), Jennifer Wexton (D-VA), and Lucas
were added subsequently as cosponsors. This bill is an earlier
iteration of H.R. 3682. The bill was referred solely to the
Committee on Financial Services. There was no further action on
H.R. 3561 in the 116th Congress.
Related Hearings
Pursuant to clause 3(c)(6) of rule XIII of the Rules of the
House of Representatives, the following hearing was used to
develop H.R. 3682:
The Subcommittee on Financial Institutions held a July 15,
2025, hearing titled, ``Dodd-Frank Turns 15: Lessons Learned
and the Road Ahead.'' H.R. 3682 was noticed for legislative
consideration in the hearing. The subcommittee heard testimony
from the following witnesses: The Honorable Ken Bentsen,
President and CEO, Securities Industry and Financial Markets
Association; Mrs. Lindsey Johnson, President and CEO, Consumer
Bankers Association; Mr. Tom Quaadman, Chief of Government
Affairs and Public Policy, Investment Company Institute; Dr.
Paul H. Kupiec, Senior Fellow, American Enterprise Institute;
and Mr. Dennis Kelleher, Co-founder, President, and Chief
Executive Officer, Better Markets.
Committee Votes
Clause 3(b) of rule XIII of the Rules of the House of
Representatives requires the Committee Report to include record
votes on the motion to report legislation and amendments
thereto.
On September 16, 2025, the Committee ordered H.R. 3682, as
amended, to be reported favorably to the House by a recorded
vote of 47 yeas and 4 nays, a quorum being present. (Record
Vote No. FC-198). Before the question to report was called,
Representative Foster offered an amendment in the nature of a
substitute, designated FOSTER_053, which made technical
changes. The amendment was adopted by voice vote.
[GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]
Committee Oversight Findings
Pursuant to clause 3(c) of rule XIII of the Rules of the
House of Representatives, the findings and recommendations of
the Committee, based on oversight activities under clause
2(b)(1) of rule X of the Rules of the House of Representatives
are incorporated in the descriptive portions of this report.
Performance Goals and Objectives
Pursuant to clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the goal of H.R. 3682 is to establish
safeguards around the non-bank designation process, requiring
FSOC to follow a transparent procedure, including a thorough
assessment of alternatives, before placing a firm under FRB
oversight.
Committee Cost Estimate
Clause 3(d)(1) of rule XIII of the Rules of the House of
Representatives requires an estimate and a comparison of the
costs that would be incurred in carrying out H.R. 3682. The
Committee has requested but not received a cost estimate from
the Director of the Congressional Budget Office. However,
pursuant to clause 3(d)(1) of rule XIII of the Rules of the
House of Representatives, the Committee will adopt as its own
the cost estimate by the Director of the Congressional Budget
Office once it has been prepared.
New Budget Authority and CBO Cost Estimate
With respect to the requirements of clause 3(c)(2) of rule
XIII of the Rules of the House of Representatives and section
308(a) of the Congressional Budget Act of 1974 and with respect
to requirements of clause 3(c)(3) of rule XIII of the Rules of
the House of Representatives and section 402 of the
Congressional Budget Act of 1974, the Committee will adopt as
its own the cost estimate for the bill prepared by the Director
of the Congressional Budget Office. However, a cost estimate
was not made available to the Committee in time for the filing
of this report. The Chairman of the Committee shall cause such
estimate to be printed in the Congressional Record upon its
receipt by the Committee.
Unfunded Mandates Statement
The Committee has requested but not received from the
Director of the Congressional Budget Office an estimate of the
Federal mandates pursuant to section 423 of the Unfunded
Mandates Reform Act. The Chairman of the Committee shall cause
such estimate to be printed in the Congressional Record upon
its receipt by the Committee.
Earmark Statement
In compliance with clause 9 of rule XXI of the Rules of the
House of Representatives, this bill, as reported, contains no
congressional earmarks, limited tax benefits, or limited tariff
benefits as defined in clause 9(e), 9(f), or 9(g) of rule XXI.
Federal Advisory Committee Act Statement
No advisory committees within the meaning of section 5(b)
of the Federal Advisory Committee Act were created by this
legislation.
Applicability to the Legislative Branch
The Committee finds that the legislation does not relate to
the terms and conditions of employment or access to public
services or accommodations within the meaning of section
102(b)(3) of the Congressional Accountability Act.
Duplication of Federal Programs
Pursuant to clause 3(c)(5) of rule XIII of the Rules of the
House of Representatives, the Committee states that no
provision of the bill establishes or reauthorizes a program of
the Federal Government known to be duplicative of another
Federal program, including any program that was included in a
report to Congress pursuant to section 21 of the Public Law
111-139 or the most recent Catalog of Federal Domestic
Assistance.
Section-by-Section Analysis of the Legislation
Section 1. Short title
Section 1 provides the short title is the ``Financial
Stability Oversight Council Improvement Act of 2025''.
Section 2. Financial Stability Oversight Council
Section 2 prohibits the FSOC from voting on a proposed
determination with respect to a U.S. nonbank financial company
unless the Council determines, in consultation with the company
and its primary regulator, that a different course of action by
the Council or agency, or by the company under a written plan,
is impracticable or insufficient to mitigate the threat that
material financial distress at the company could pose to U.S.
financial stability.
Changes in Existing Law Made by the Bill, as Reported
In compliance with clause 3(e) of rule XIII of the Rules of
the House of Representatives, changes in existing law made by
the bill, as reported, are shown as follows (existing law
proposed to be omitted is enclosed in black brackets, new
matter is printed in italics, and existing law in which no
change is proposed is shown in roman):
FINANCIAL STABILITY ACT OF 2010
TITLE I--FINANCIAL STABILITY
* * * * * * *
Subtitle A--Financial Stability Oversight Council
* * * * * * *
SEC. 113. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF CERTAIN
NONBANK FINANCIAL COMPANIES.
(a) U.S. Nonbank Financial Companies Supervised by the Board
of Governors.--
(1) Determination.--[The Council] Subject to
paragraph (3), the Council, on a nondelegable basis and
by a vote of not fewer than \2/3\ of the voting members
then serving, including an affirmative vote by the
Chairperson, may determine that a U.S. nonbank
financial company shall be supervised by the Board of
Governors and shall be subject to prudential standards,
in accordance with this title, if the Council
determines that material financial distress at the U.S.
nonbank financial company, or the nature, scope, size,
scale, concentration, interconnectedness, or mix of the
activities of the U.S. nonbank financial company, could
pose a threat to the financial stability of the United
States.
(2) Considerations.--In making a determination under
paragraph (1), the Council shall consider--
(A) the extent of the leverage of the
company;
(B) the extent and nature of the off-balance-
sheet exposures of the company;
(C) the extent and nature of the transactions
and relationships of the company with other
significant nonbank financial companies and
significant bank holding companies;
(D) the importance of the company as a source
of credit for households, businesses, and State
and local governments and as a source of
liquidity for the United States financial
system;
(E) the importance of the company as a source
of credit for low-income, minority, or
underserved communities, and the impact that
the failure of such company would have on the
availability of credit in such communities;
(F) the extent to which assets are managed
rather than owned by the company, and the
extent to which ownership of assets under
management is diffuse;
(G) the nature, scope, size, scale,
concentration, interconnectedness, and mix of
the activities of the company;
(H) the degree to which the company is
already regulated by 1 or more primary
financial regulatory agencies;
(I) the amount and nature of the financial
assets of the company;
(J) the amount and types of the liabilities
of the company, including the degree of
reliance on short-term funding; and
(K) any other risk-related factors that the
Council deems appropriate.
(3) Initial determination.--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 material financial distress at the company, or the
nature, scope, size, scale, concentration,
interconnectedness, or mix of the activities of the
company, could pose to the financial stability of the
United States.
(b) Foreign Nonbank Financial Companies Supervised by the
Board of Governors.--
(1) Determination.--The Council, on a nondelegable
basis and by a vote of not fewer than \2/3\ of the
voting members then serving, including an affirmative
vote by the Chairperson, may determine that a foreign
nonbank financial company shall be supervised by the
Board of Governors and shall be subject to prudential
standards, in accordance with this title, if the
Council determines that material financial distress at
the foreign nonbank financial company, or the nature,
scope, size, scale, concentration, interconnectedness,
or mix of the activities of the foreign nonbank
financial company, could pose a threat to the financial
stability of the United States.
(2) Considerations.--In making a determination under
paragraph (1), the Council shall consider--
(A) the extent of the leverage of the
company;
(B) the extent and nature of the United
States related off-balance-sheet exposures of
the company;
(C) the extent and nature of the transactions
and relationships of the company with other
significant nonbank financial companies and
significant bank holding companies;
(D) the importance of the company as a source
of credit for United States households,
businesses, and State and local governments and
as a source of liquidity for the United States
financial system;
(E) the importance of the company as a source
of credit for low-income, minority, or
underserved communities in the United States,
and the impact that the failure of such company
would have on the availability of credit in
such communities;
(F) the extent to which assets are managed
rather than owned by the company and the extent
to which ownership of assets under management
is diffuse;
(G) the nature, scope, size, scale,
concentration, interconnectedness, and mix of
the activities of the company;
(H) the extent to which the company is
subject to prudential standards on a
consolidated basis in its home country that are
administered and enforced by a comparable
foreign supervisory authority;
(I) the amount and nature of the United
States financial assets of the company;
(J) the amount and nature of the liabilities
of the company used to fund activities and
operations in the United States, including the
degree of reliance on short-term funding; and
(K) any other risk-related factors that the
Council deems appropriate.
(c) Antievasion.--
(1) Determinations.--In order to avoid evasion of
this title, the Council, on its own initiative or at
the request of the Board of Governors, may determine,
on a nondelegable basis and by a vote of not fewer than
\2/3\ of the voting members then serving, including an
affirmative vote by the Chairperson, that--
(A) material financial distress related to,
or the nature, scope, size, scale,
concentration, interconnectedness, or mix of,
the financial activities conducted directly or
indirectly by a company incorporated or
organized under the laws of the United States
or any State or the financial activities in the
United States of a company incorporated or
organized in a country other than the United
States would pose a threat to the financial
stability of the United States, based on
consideration of the factors in subsection
(a)(2) or (b)(2), as applicable;
(B) the company is organized or operates in
such a manner as to evade the application of
this title; and
(C) such financial activities of the company
shall be supervised by the Board of Governors
and subject to prudential standards in
accordance with this title, consistent with
paragraph (3).
(2) Report.--Upon making a determination under
paragraph (1), the Council shall submit a report to the
appropriate committees of Congress detailing the
reasons for making such determination.
(3) Consolidated supervision of only financial
activities; establishment of an intermediate holding
company.--
(A) Establishment of an intermediate holding
company.--Upon a determination under paragraph
(1), the company that is the subject of the
determination may establish an intermediate
holding company in which the financial
activities of such company and its subsidiaries
shall be conducted (other than the activities
described in section 167(b)(2)) in compliance
with any regulations or guidance provided by
the Board of Governors. Such intermediate
holding company shall be subject to the
supervision of the Board of Governors and to
prudential standards under this title as if the
intermediate holding company were a nonbank
financial company supervised by the Board of
Governors.
(B) Action of the board of governors.--To
facilitate the supervision of the financial
activities subject to the determination in
paragraph (1), the Board of Governors may
require a company to establish an intermediate
holding company, as provided for in section
167, which would be subject to the supervision
of the Board of Governors and to prudential
standards under this title, as if the
intermediate holding company were a nonbank
financial company supervised by the Board of
Governors.
(4) Notice and opportunity for hearing and final
determination; judicial review.--Subsections (d)
through (h) shall apply to determinations made by the
Council pursuant to paragraph (1) in the same manner as
such subsections apply to nonbank financial companies.
(5) Covered financial activities.--For purposes of
this subsection, the term ``financial activities''--
(A) means activities that are financial in
nature (as defined in section 4(k) of the Bank
Holding Company Act of 1956);
(B) includes the ownership or control of one
or more insured depository institutions; and
(C) does not include internal financial
activities conducted for the company or any
affiliate thereof, including internal treasury,
investment, and employee benefit functions.
(6) Only financial activities subject to prudential
supervision.--Nonfinancial activities of the company
shall not be subject to supervision by the Board of
Governors and prudential standards of the Board. For
purposes of this Act, the financial activities that are
the subject of the determination in paragraph (1) shall
be subject to the same requirements as a nonbank
financial company supervised by the Board of Governors.
Nothing in this paragraph shall prohibit or limit the
authority of the Board of Governors to apply prudential
standards under this title to the financial activities
that are subject to the determination in paragraph (1).
(d) Reevaluation and Rescission.--The Council shall--
(1) not less frequently than annually, reevaluate
each determination made under subsections (a) and (b)
with respect to such nonbank financial company
supervised by the Board of Governors; and
(2) rescind any such determination, if the Council,
by a vote of not fewer than \2/3\ of the voting members
then serving, including an affirmative vote by the
Chairperson, determines that the nonbank financial
company no longer meets the standards under subsection
(a) or (b), as applicable.
(e) Notice and Opportunity for Hearing and Final
Determination.--
(1) In general.--The Council shall provide to a
nonbank financial company written notice of a proposed
determination of the Council, including an explanation
of the basis of the proposed determination of the
Council, that a nonbank financial company shall be
supervised by the Board of Governors and shall be
subject to prudential standards in accordance with this
title.
(2) Hearing.--Not later than 30 days after the date
of receipt of any notice of a proposed determination
under paragraph (1), the nonbank financial company may
request, in writing, an opportunity for a written or
oral hearing before the Council to contest the proposed
determination. Upon receipt of a timely request, the
Council shall fix a time (not later than 30 days after
the date of receipt of the request) and place at which
such company may appear, personally or through counsel,
to submit written materials (or, at the sole discretion
of the Council, oral testimony and oral argument).
(3) Final determination.--Not later than 60 days
after the date of a hearing under paragraph (2), the
Council shall notify the nonbank financial company of
the final determination of the Council, which shall
contain a statement of the basis for the decision of
the Council.
(4) No hearing requested.--If a nonbank financial
company does not make a timely request for a hearing,
the Council shall notify the nonbank financial company,
in writing, of the final determination of the Council
under subsection (a) or (b), as applicable, not later
than 10 days after the date by which the company may
request a hearing under paragraph (2).
(f) Emergency Exception.--
(1) In general.--The Council may waive or modify the
requirements of [subsection (e)] subsections (a)(3) and
(e) with respect to a nonbank financial company, if the
Council determines, by a vote of not fewer than \2/3\
of the voting members then serving, including an
affirmative vote by the Chairperson, that such waiver
or modification is necessary or appropriate to prevent
or mitigate threats posed by the nonbank financial
company to the financial stability of the United
States.
(2) Notice.--The Council shall provide notice of a
waiver or modification under this subsection to the
nonbank financial company concerned as soon as
practicable, but not later than 24 hours after the
waiver or modification is granted.
(3) International coordination.--In making a
determination under paragraph (1), the Council shall
consult with the appropriate home country supervisor,
if any, of the foreign nonbank financial company that
is being considered for such a determination.
(4) Opportunity for hearing.--The Council shall allow
a nonbank financial company to request, in writing, an
opportunity for a written or oral hearing before the
Council to contest a waiver or modification under this
subsection, not later than 10 days after the date of
receipt of notice of the waiver or modification by the
company. Upon receipt of a timely request, the Council
shall fix a time (not later than 15 days after the date
of receipt of the request) and place at which the
nonbank financial company may appear, personally or
through counsel, to submit written materials (or, at
the sole discretion of the Council, oral testimony and
oral argument).
(5) Notice of final determination.--Not later than 30
days after the date of any hearing under paragraph (4),
the Council shall notify the subject nonbank financial
company of the final determination of the Council under
this subsection, which shall contain a statement of the
basis for the decision of the Council.
(g) Consultation.--The Council shall consult with the primary
financial regulatory agency, if any, for each nonbank financial
company or subsidiary of a nonbank financial company that is
being considered for supervision by the Board of Governors
under this section before the Council makes any final
determination with respect to such nonbank financial company
under subsection (a), (b), or (c).
(h) Judicial Review.--If the Council makes a final
determination under this section with respect to a nonbank
financial company, such nonbank financial company may, not
later than 30 days after the date of receipt of the notice of
final determination under subsection (d)(2), (e)(3), or (f)(5),
bring an action in the United States district court for the
judicial district in which the home office of such nonbank
financial company is located, or in the United States District
Court for the District of Columbia, for an order requiring that
the final determination be rescinded, and the court shall, upon
review, dismiss such action or direct the final determination
to be rescinded. Review of such an action shall be limited to
whether the final determination made under this section was
arbitrary and capricious.
(i) International Coordination.--In exercising its duties
under this title with respect to foreign nonbank financial
companies, foreign-based bank holding companies, and cross-
border activities and markets, the Council shall consult with
appropriate foreign regulatory authorities, to the extent
appropriate.
* * * * * * *
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