SB3601: Financial Stability Oversight Council Improvement Act of 2024
- 1Introduced (current step)
- 2Passed One Chamber
- 3Passed Both Chambers
- 4Became Law
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Bill information
Summary
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.
Plain-language summary
This bill changes how the Financial Stability Oversight Council—a government group that watches for risks to the nation's financial system—makes decisions about which large nonbank financial companies need extra federal supervision. Currently, the Council can decide that a large company like an insurance firm or investment fund must be overseen by the Federal Reserve. The bill requires the Council to study other options before making that decision. The bill has been introduced in Congress but has not yet been voted on.
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SB3601: Financial Stability Oversight Council Improvement Act of 2024