Financial Stability Oversight Council Improvement Act of 2017
Latest action · Apr 12, 2018 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedOct 12, 2017
- Passed HouseApr 11, 2018
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Stability Oversight Council Improvement Act of 2017
(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.
The bill revises procedural requirements related to council determinations of systemic importance. Specifically, the council must: (1) provide an opportunity, during an annual reevaluation of such a determination for a nonbank financial company, for the company to submit written materials to, and meet with, the council in order to contest the determination; (2) every five years, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it; and (3) undertake certain procedures for initial evaluations.
(Sec. 4) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
Recorded votes 1
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 135 | On Passage | Passed297–121 | Apr 11, 2018 |
Cosponsors 57
Members who signed on, in the order they did. Signatures ran from Oct 12, 2017 to Jan 12, 2018; 49 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WV | Alexander X. Mooney | Original | Oct 12, 2017 |
| R-KY | Andy Barr | Original | Oct 12, 2017 |
| D-NH | Ann M. Kuster | Original | Oct 12, 2017 |
| R-MO | Ann Wagner | Original | Oct 12, 2017 |
| D-IL | Bill Foster | Original | Oct 12, 2017 |
| R-MI | Bill Huizenga | Original | Oct 12, 2017 |
| R-MO | Blaine Luetkemeyer | Original | Oct 12, 2017 |
| D-CA | Brad Sherman | Original | Oct 12, 2017 |
| D-PA | Brendan F. Boyle | Original | Oct 12, 2017 |
| R-ME | Bruce Poliquin | Original | Oct 12, 2017 |
| R-AZ | David Schweikert | Original | Oct 12, 2017 |
| D-GA | David Scott | Original | Oct 12, 2017 |
| D-WA | Derek Kilmer | Original | Oct 12, 2017 |
| D-NJ | Donald Norcross | Original | Oct 12, 2017 |
| D-CO | Ed Perlmutter | Original | Oct 12, 2017 |
Committees 2
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 Oct 12, 2017Markup Jan 17, 2018Markup Jan 18, 2018Reported Mar 9, 2018 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Apr 12, 2018 |
Actions 15
Everything that happened, newest first.
- Apr 12, 2018Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Apr 11, 2018Considered under the provisions of rule H. Res. 780. (consideration: CR H3119-3128)
- Apr 11, 2018The resolution provides for one hour of debate on each measure. The rule provides for H.R. 4061 and H.R. 4293 to be considered under closed rules.
- Apr 11, 2018DEBATE - The House proceeded with one hour of debate on H.R. 4061.
- Apr 11, 2018The previous question was ordered pursuant to the rule.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H3119–H3128Text printed H3119–H3121Recorded votes H3128enact | Bill Huizenga R-MI, Blaine Luetkemeyer R-MO, Brad Sherman D-CA, Dennis A. Ross R-FL, Jeb Hensarling R-TX, John K. Delaney D-MD, Maxine Waters D-CA, Randy Hultgren R-IL, Scott R. Tipton R-CO, Ted Budd R-NC | Apr 11, 2018 |
| House | Debate and remarks H1618–H1624Text printed H1618Amendments H1623Recorded votes H1644consideration (H. Res. 780), previous question | Alcee L. Hastings D-FL (amendment), Dennis A. Ross R-FL, James E. Clyburn D-SC, Ken Buck R-CO, Lee M. Zeldin R-NY | Mar 15, 2018 |
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
- Mar 9, 2018H.R. 4061, Financial Stability Oversight Council Improvement Act of 2017As ordered reported by the House Committee on Financial Services on January 18, 2018
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 164, October 12, 2017, page H8032.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 115-101 | EMPOWERING A PRO-GROWTH ECONOMY BY CUTTING TAXES AND REGULATORY RED TAPE110 pages | Financial Services Committee | Jun 20, 2018 |
CRS reports 5
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 5
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R48739 | Financial Stability Oversight Council: Policy Issues in the 119th Congress | Report | Nov 26, 2025 |
| IN10950 | Financial Services and General Government (FSGG) FY2019 Appropriations and Financial Regulatory Reform Archived | Insight | Nov 27, 2018 |
| R44848 | Federal Reserve: Legislation in the 115th Congress Archived | Report | Sep 25, 2018 |
| R45162 | Regulatory Reform 10 Years After the Financial Crisis: Systemic Risk Regulation of Non-Bank Financial Institutions | Report | Apr 12, 2018 |
| R45052 | Financial Stability Oversight Council (FSOC): Structure and Activities Archived | Report | Feb 12, 2018 |
Amendments 1
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 540 | Pursuant to the provisions of H.Res. 780, the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-64, modified by the amendment printed in part A of House Report 115-600 is considered adopted. | Rules Committee | House amendment offered |
Related bills 3
Companion bills and other measures the record links to this one.
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Financial Stability Act of 2010 to improve the transparency of the Financial Stability Oversight Council, to improve the SIFI designation process, and for other purposes.
- Short Titles as Introduced
- Financial Stability Oversight Council Improvement Act of 2017
- Short Titles as Reported to House
- Financial Stability Oversight Council Improvement Act of 2017
- Short Titles as Passed House
- Financial Stability Oversight Council Improvement Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Administrative remedies
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Congressional oversight
- Federal Reserve System
- Finance and Financial Sector
- Financial crises and stabilization
- Financial services and investments
- Financial Stability Oversight Council
- Foreign and international banking
- Government information and archives
- Government studies and investigations
Text 4
Each version as it was printed, newest first.
- Apr 12, 2018Referred in Senate
- Apr 11, 2018Engrossed in House
- Mar 9, 2018Reported in House
- Oct 12, 2017Introduced 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.
