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Systemic Risk Mitigation Act of 2020

Introduced: April 14, 2020 Introduced by: García, Jesús G. "Chuy" Democratic · Illinois See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Apr 14, 2020

Referred to the House Committee on Financial Services.

Apr 14, 2020

Sponsor introductory remarks on measure. (CR E364-365)

Apr 14, 2020

Introduced in House

Plain-English summary Congressional Research Service

Systemic Risk Mitigation Act of 2020

This bill automatically designates certain nonbank financial companies as systemically important, which subjects these companies to certain prudential standards, including capital and liquidity rules, annual stress tests, and living wills requirements. This designation may be rescinded by the Financial Stability Oversight Council upon further review.

The bill provides the council with rulemaking authority regarding an activity or practice that increases risk to the financial system.

The bill creates the Climate Change Subcommittee within the council to address the risk climate change poses to the financial system.

The bill also revises administrative provisions of the council, including those regarding staffing, funding, and meetings.

What's happening now April 14, 2020

Referred to the House Committee on Financial Services.

Committees of jurisdiction 1