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Stricter rules for financial oversight: Protecting US economic stability.

This Act introduces new rules for the Financial Stability Oversight Council (FSOC), requiring it to consider less severe actions before subjecting a large nonbank financial company to Federal Reserve supervision. This means the government must first determine if other measures, such as heightened standards or a company's written plan, are insufficient to mitigate threats to financial stability. These changes aim to increase transparency and accountability in the decision-making process, indirectly protecting citizens' savings and jobs from systemic risk.
Key points
The FSOC must consider alternative, less intrusive measures (e.g., new standards or a company's plan) before designating a nonbank financial company for Federal Reserve supervision.
Increased transparency: The FSOC must regularly report to Congress on gaps in crisis planning and steps taken to protect financial stability.
Requirement to publicly release detailed minutes of closed FSOC meetings, enhancing public scrutiny over financial stability decisions.
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Expired
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Additional Information
Print number: 118_S_3601
Sponsor: Sen. Rounds, Mike [R-SD]
Process start date: 2024-01-17
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OFFICIAL LEGAL TITLE

Financial Stability Oversight Council Improvement Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_3601.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-01-17.

What are the main provisions?

Key points include:

  • The FSOC must consider alternative, less intrusive measures (e.g., new standards or a company's plan) before designating a nonbank financial company for Federal Reserve supervision.
  • Increased transparency: The FSOC must regularly report to Congress on gaps in crisis planning and steps taken to protect financial stability.
  • Requirement to publicly release detailed minutes of closed FSOC meetings, enhancing public scrutiny over financial stability decisions.
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 Sen. Rounds, Mike [R-SD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy