FSOC Transparency and Accountability Act
Latest action · Apr 19, 2016 Placed on the Union Calendar, Calendar No. 387.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedSep 18, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
FSOC Transparency and Accountability Act
(Sec. 2) This bill amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).
The Council is declared an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).
The voting profile of Council members is revised to cite the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.
Such member agencies shall: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head.
A Council member may select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.
All Council meetings shall be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Sep 18, 2015 to Nov 2, 2015; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-VA | Robert Hurt | Original | Sep 18, 2015 |
| R-MO | Ann Wagner | Sep 22, 2015 | |
| R-SC | Mick Mulvaney | Sep 29, 2015 | |
| R-TN | Stephen Lee Fincher | Nov 2, 2015 | |
| R-MN | Tom Emmer | Nov 2, 2015 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Sep 18, 2015Markup Nov 4, 2015Reported Apr 19, 2016 |
Actions 7
Everything that happened, newest first.
- Apr 19, 2016Reported by the Committee on Financial Services. H. Rept. 114-507.
- Apr 19, 2016Placed on the Union Calendar, Calendar No. 387.
- Nov 4, 2015Committee Consideration and Mark-up Session Held.
- Nov 4, 2015Ordered to be Reported by the Yeas and Nays: 33 - 24.
- Nov 3, 2015Committee Consideration and Mark-up Session Held.
- Sep 18, 2015Introduced in House
- Sep 18, 2015Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Feb 10, 2016H.R. 3557, FSOC Transparency and Accountability ActAs ordered reported by the House Committee on Financial Services on November 4, 2015
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 135, September 18, 2015, page H6179.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 5983 | Financial CHOICE Act of 2016 | Related bill | Dec 20, 2016 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to hold open meetings and comply with the requirements of the Federal Advisory Committee Act, to provide additional improvements to the Council, and for other purposes.
- Short Titles as Introduced
- FSOC Transparency and Accountability Act
- Short Titles as Reported to House
- FSOC Transparency and Accountability Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Advisory bodies
- Banking and financial institutions regulation
- Commodity Futures Trading Commission
- Congressional oversight
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Financial crises and stabilization
- Financial Stability Oversight Council
- Government ethics and transparency, public corruption
- National Credit Union Administration
- Securities and Exchange Commission (SEC)
Text 2
Each version as it was printed, newest first.
- Apr 19, 2016Reported in House
- Sep 18, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
