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Financial Stability: New Rules for Nonbank Company Oversight

New rules change how large financial companies that are not banks are supervised. Before such a company is placed under strict oversight, authorities must first check if other, less intrusive actions are enough to prevent threats to financial stability. This aims to ensure that oversight is proportionate to the risk, which may indirectly affect the availability and cost of financial services for citizens.
Key points
Requires considering alternative solutions before placing a nonbank company under strict supervision.
Supervisory bodies must consult with the company and its primary regulator before deciding on oversight.
Aims to ensure supervision is applied only when other measures are insufficient to protect financial stability.
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Expired
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Additional Information
Print number: 118_HR_3812
Sponsor: Rep. Foster, Bill [D-IL-11]
Process start date: 2023-06-05
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Stability Oversight Council Improvement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3812.

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 2023-06-05.

What are the main provisions?

Key points include:

  • Requires considering alternative solutions before placing a nonbank company under strict supervision.
  • Supervisory bodies must consult with the company and its primary regulator before deciding on oversight.
  • Aims to ensure supervision is applied only when other measures are insufficient to protect financial stability.
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. Foster, Bill [D-IL-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy