Why Should I Vote On BetterDistricts?

Polling is a powerful tool to help our elected officials determine how they should vote.

Standard polling methods don't give you the control that you deserve. With BetterDistricts you can show your representative exactly how strongly a bill is supported in your community.

Send a clear signal on how you want your government to work.

 

S. 3577 - Financial Stability Oversight Council Improvement Act of 2018

Sponsor: Mike Rounds (R)
Introduced: 2018-10-11
Bill Status: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
 
Summary Not Available

Full Text


115th CONGRESS
2d Session
S. 3577


    To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System, and for other purposes.


IN THE SENATE OF THE UNITED STATES

October 11, 2018

    Mr. Rounds introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs


A BILL

    To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Short title.

This Act may be cited as the “Financial Stability Oversight Council Improvement Act of 2018”.

SEC. 2. Financial Stability Oversight Council.

Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) is amended—

(1) in subsection (a)—

(A) in paragraph (1), by striking “The Council” and inserting “Subject to paragraph (3), the Council”; and

(B) by adding at the end the following:

“(3) INITIAL DETERMINATION.—The Council may not vote on a proposed determination with respect to a U.S. nonbank financial company under paragraph (1) unless the Council first determines, in consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council or the agency (including the application of new or heightened standards and safeguards under section 120), or by the company under a written plan that is submitted promptly to the Council, is impracticable or insufficient to mitigate the threat that the company could pose to the financial stability of the United States.”; and

(2) in subsection (f)(1), by striking “subsection (e)” and inserting “subsections (a)(3) and (e)”.


Relevant News Stories And Blog Posts

Title Worth Reading

Vote on S. 3577

 

Activity in last 30 days