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.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 45 - 10.
Reported by the Committee on Financial Services. H. Rept. 115-592.
Reported by the Committee on Financial Services. H. Rept. 115-592.
Placed on the Union Calendar, Calendar No. 450.
Rules Committee Resolution H. Res. 780 Reported to House. The 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.
Considered under the provisions of rule H. Res. 780. (consideration: CR H3119-3128)
The 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.
DEBATE - The House proceeded with one hour of debate on H.R. 4061.
The previous question was ordered pursuant to the rule.
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 297 - 121 (Roll no. 135).(text: CR H3119-3121)
Roll Call #135 (House)On passage Passed by the Yeas and Nays: 297 - 121 (Roll no. 135). (text: CR H3119-3121)
Roll Call #135 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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