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S 3601 118th Congress Senate Finance and Financial Sector

Financial Stability Oversight Council Improvement Act of 2024

Introduced: January 17, 2024 Introduced by: Rounds, Mike Republican · South Dakota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 17, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jan 17, 2024
Introduced in Senate
 Plain-English summary Congressional Research Service

Financial Stability Oversight Council Improvement Act of 2024

This bill requires the Financial Stability Oversight Council, prior to determining that a U.S. nonbank financial company shall be supervised by the Federal Reserve Board and therefore subject to certain prudential standards, to first determine that certain alternative actions would not mitigate the threat the company may pose to U.S. financial stability.

The bill also requires the council to annually submit a report to Congress identifying planning materials and activities relating to threats to U.S. financial stability, as well as steps taken by the council to plan for a financial crisis.

Finally, the council must publicly release detailed minutes after a closed meeting of the council.

What's happening now January 17, 2024

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1