Placed on the Union Calendar, Calendar No. 316.
This bill amends Section 113 of the Financial Stability Act of 2010 to add a procedural requirement before the Financial Stability Oversight Council (FSOC) may vote to determine that a U.S. nonbank financial company should be supervised by the Federal Reserve.
FSOC must first consult with the company and the company's primary financial regulator and determine that alternative actions (including new or heightened standards, safeguards under section 120, or a company-submitted written plan) are impracticable or insufficient to mitigate the threat to U.S. financial stability.
The change is a pre-vote ‘‘initial determination’’ requirement and includes minor conforming subsection edits.
Content is narrow and technical which helps prospects, but regulatory pushback and Senate consensus requirements create meaningful obstacles.
Relative to its intended legislative type, this bill is a focused substantive amendment to the Financial Stability Act that creates a clear procedural precondition on FSOC designation votes by requiring consultation and consideration of alternatives. The change is legally direct and integrates into existing statutory text but provides limited operational detail.
Progressives emphasize risk to rapid FSOC action and capture
Progressives emphasize risk to rapid FSOC action and capture
Likely skeptical: views the bill as adding procedural hurdles that could weaken rapid FSOC action.
Concern focuses on potential delays, increased opportunities for regulatory capture, and reduced ability to address systemic risk quickly.
Views the bill as a reasonable procedural refinement that forces FSOC to consider alternatives before imposing Fed supervision.
Will weigh benefits of improved coordination against the risk that added steps slow urgent action.
Likely supportive: sees the bill as strengthening due process and constraining FSOC and Federal Reserve overreach.
Views consultation and consideration of alternatives as protections for firms and the economy.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Content is narrow and technical which helps prospects, but regulatory pushback and Senate consensus requirements create meaningful obstacles.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize risk to rapid FSOC action and capture
Content is narrow and technical which helps prospects, but regulatory pushback and Senate consensus requirements create meaningful obstacle…
Relative to its intended legislative type, this bill is a focused substantive amendment to the Financial Stability Act that creates a clear procedural precondition on FSOC designation votes by requiring consultation and…
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