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Enhanced Transparency and Congressional Oversight for Financial Stability Oversight Council (FSOC).

The bill enhances the transparency and accountability of the Financial Stability Oversight Council (FSOC). It mandates annual audits and requires the FSOC to notify Congress of its meetings, resource usage, and recommendations. Furthermore, the bill establishes a procedure for Congress to disapprove specific FSOC determinations and caps the assessments collected to fund the Council at inflation-adjusted levels.
Key points
Addition of an independent FSOC member who must be of a different political party than the President.
Establishment of a procedure where key FSOC determinations are delayed for 60 days, allowing Congress time to disapprove them via a joint resolution.
Requirement for mandatory annual audits of the FSOC and notification to Congress regarding planned meetings and recommendations.
Limitation on the aggregate amount of assessments collected to fund the FSOC to the level of the previous fiscal year, adjusted for the Consumer Price Index (CPI).
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_3466
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-05-18
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

To enhance Financial Stability Oversight Council transparency.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3466.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-05-18.

What are the main provisions?

Key points include:

  • Addition of an independent FSOC member who must be of a different political party than the President.
  • Establishment of a procedure where key FSOC determinations are delayed for 60 days, allowing Congress time to disapprove them via a joint resolution.
  • Requirement for mandatory annual audits of the FSOC and notification to Congress regarding planned meetings and recommendations.
  • Limitation on the aggregate amount of assessments collected to fund the FSOC to the level of the previous fiscal year, adjusted for the Consumer Price Index (CPI).
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Courts and Law