To enhance Financial Stability Oversight Council transparency.

I 118TH CONGRESS 1ST SESSION H. R. 3466 To enhance Financial Stability Oversight Council transparency. IN THE HOUSE OF REPRESENTATIVES MAY 18, 2023 Mr. BARR (for himself and Mr. LOUDERMILK) introduced the following bill; which was referred to the Committee on Financial Services, and in addi- tion to the Committee on Rules, for a period to be subsequently deter- mined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To enhance Financial Stability Oversight Council transparency. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. FSOC TRANSPARENCY. 3 (a) FINANCIAL STABILITY ACT OF 2010.—The Fi- 4 nancial Stability Act of 2010 (12 U.S.C. 5311 et seq.) 5 is amended— 6 (1) in section 111— 7 (A) in subsection (b)(1)— 8 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 2 •HR 3466 IH (i) in subparagraph (I), by striking 1 ‘‘and’’ at the end; 2 (ii) in subparagraph (J), by striking 3 the period at the end and inserting ‘‘; 4 and’’; and 5 (iii) by adding at the end the fol- 6 lowing: 7 ‘‘(K) an independent member appointed by 8 the President, by and with the advice and con- 9 sent of the Senate, and not of the same political 10 party as the President.’’; 11 (B) in subsection (c)— 12 (i) in paragraph (1), by striking 13 ‘‘independent member’’ and inserting 14 ‘‘independent members’’; and 15 (ii) in paragraph (4)— 16 (I) in the heading, by striking 17 ‘‘INDEPENDENT MEMBER’’ and insert- 18 ing ‘‘INDEPENDENT MEMBERS’’; and 19 (II) by striking ‘‘subsection 20 (b)(1)(J)’’ and inserting ‘‘subpara- 21 graph (J) or (K) of subsection 22 (b)(1)’’; 23 (C) by striking subsection (d); 24 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 3 •HR 3466 IH (D) by redesignating subsections (e) 1 through (j) as subsections (d) through (i), re- 2 spectively; 3 (E) in subsection (d), as so redesignated, 4 by adding at the end the following: 5 ‘‘(3) NOTICE TO CONGRESS.—The Chairperson 6 shall notify the chair and ranking members of the 7 Committee on Financial Services of the House of 8 Representatives and the chair and ranking members 9 of the Committee on Banking, Housing, and Urban 10 Affairs of the Senate of a meeting at the same time 11 as the meeting participants are notified.’’; 12 (F) in subsection (f), as so redesignated, 13 by striking ‘‘, or to any special advisory, tech- 14 nical, or professional committee appointed by 15 the Council, except that, if an advisory, tech- 16 nical, or professional committee has one or 17 more members who are not employees of or af- 18 filiated with the United States Government, the 19 Council shall publish a list of the names of the 20 members of such committee’’; 21 (G) in subsection (g), as so redesignated, 22 by inserting before the period at the end the 23 following: ‘‘, but if such services, funds, facili- 24 ties, staff, or other support services are pro- 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 4 •HR 3466 IH vided with respect to any Council program or 1 activity that has, or is planned to have, dura- 2 tion of greater than 90 days, the Council shall 3 notify Congress of such provision’’; and 4 (H) in subsection (i), as so redesignated, 5 by adding at the end the following: ‘‘The Coun- 6 cil shall report on such detailed employees on a 7 monthly basis to Congress.’’; 8 (2) in section 112— 9 (A) in subsection (a)(2)— 10 (i) in subparagraph (A), by inserting 11 after ‘‘system’’ the following: ‘‘and only 12 after notifying Congress’’; 13 (ii) by striking subparagraphs (D) 14 and (I); 15 (iii) by redesignating subparagraphs 16 (E), (F), (G), (H), (J), (K), (L), (M), and 17 (N) as subparagraphs (D) through (L), re- 18 spectively; 19 (iv) in subparagraph (D), as so redes- 20 ignated, by striking ‘‘agencies and’’ and in- 21 serting ‘‘agencies, Congress, and’’; 22 (v) in subparagraph (E), as so redes- 23 ignated, by inserting after ‘‘to the member 24 agencies’’ the following: ‘‘, the chair and 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 5 •HR 3466 IH ranking member of the Committee on Fi- 1 nancial Services of the House of Rep- 2 resentatives and the chair and ranking 3 member of the Committee on Banking, 4 Housing, and Urban Affairs of the Sen- 5 ate’’; 6 (vi) in subparagraph (G), as so redes- 7 ignated, by striking ‘‘may’’; 8 (vii) in subparagraph (H), as so re- 9 designated, by inserting before the semi- 10 colon the following: ‘‘, and notify the chair 11 and ranking member of the Committee on 12 Financial Services of the House of Rep- 13 resentatives and the chair and ranking 14 member of the Committee on Banking, 15 Housing, and Urban Affairs of the Senate 16 of such identifications’’; 17 (viii) in subparagraph (I), as so redes- 18 ignated, by inserting after ‘‘primary finan- 19 cial regulatory agencies to apply’’ the fol- 20 lowing: ‘‘primary financial regulatory agen- 21 cies, the chair and ranking member of the 22 Committee on Financial Services of the 23 House of Representatives, and the chair 24 and ranking member of the Committee on 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 6 •HR 3466 IH Banking, Housing, and Urban Affairs of 1 the Senate on the costs and benefits of ap- 2 plying’’; and 3 (ix) in subparagraph (J), as so redes- 4 ignated, by inserting ‘‘the Congress and’’ 5 before ‘‘the Commission’’; 6 (B) in subsection (c), by inserting ‘‘no 7 later than 60 days’’ after ‘‘hearing,’’; and 8 (C) in subsection (d)— 9 (i) in paragraph (1)— 10 (I) by striking ‘‘as necessary’’ 11 and all that follows through ‘‘to mon- 12 itor’’ and inserting ‘‘as necessary to 13 monitor’’; 14 (II) by striking ‘‘; or’’ and insert- 15 ing a period; and 16 (III) by striking subparagraph 17 (B); 18 (ii) in paragraph (2), by inserting be- 19 fore the period at the end the following: 20 ‘‘and to Congress’’; 21 (iii) in paragraph (3), by adding at 22 the end the following: 23 ‘‘(D CONGRESSIONAL NOTIFICATION.—The 24 Council may not require the submission of peri- 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 7 •HR 3466 IH odic and other reports under this paragraph 1 until 30 days after the Council has notified the 2 chair and ranking member of the Committee on 3 Financial Services of the House of Representa- 4 tives and the chair and ranking member of the 5 Committee on Banking, Housing, and Urban 6 Affairs of the Senate of the Council’s intention 7 to require such submission.’’; 8 (iv) in paragraph (4), by inserting 9 after ‘‘Council may’’ the following: ‘‘, after 10 notifying the chair and ranking member of 11 the Committee on Financial Services of the 12 House of Representatives and the chair 13 and ranking member of the Committee on 14 Banking, Housing, and Urban Affairs of 15 the Senate,’’; and 16 (v) in paragraph (5)(A), by inserting 17 before the period at the end the following: 18 ‘‘, except that Congress may request any 19 such confidential data, information, or re- 20 ports’’; 21 (3) in section 113— 22 (A) in subsection (a)(2)— 23 (i) in subparagraph (I), by adding 24 ‘‘and’’ at the end; 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 8 •HR 3466 IH (ii) in subparagraph (J), by striking 1 ‘‘; and’’ and inserting a period; and 2 (iii) by striking subparagraph (K); 3 (B) in subsection (b)(2)— 4 (i) in subparagraph (I), by adding 5 ‘‘and’’ at the end; 6 (ii) in subparagraph (J), by striking 7 ‘‘; and’’ and inserting a period; and 8 (iii) by striking subparagraph (K); 9 (C) by striking subsection (f); 10 (D) by redesignating subsections (g), (h), 11 and (i) as subsections (f), (g), and (h), respec- 12 tively; 13 (E) in subsection (g), as so redesignated, 14 by striking ‘‘subsection (d)(2), (e)(3), or (f)(5)’’ 15 and inserting ‘‘subsection (d)(2) or (e)(3)’’; and 16 (F) by adding at the end the following: 17 ‘‘(i) CONGRESSIONAL REVIEW.— 18 ‘‘(1) NOTIFICATION.—If the Council makes a 19 determination under this section, the Council shall 20 immediately notify Congress of such determination. 21 ‘‘(2) EFFECTIVENESS OF DETERMINATION.—A 22 determination made by the Council under this sec- 23 tion— 24 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 9 •HR 3466 IH ‘‘(A) may not take effect until the end of 1 the 60-day period beginning on the date that 2 the Council notifies the Congress of such deter- 3 mination; and 4 ‘‘(B) shall have no force or effect if dis- 5 approved, as provided under this subsection. 6 ‘‘(3) CONGRESSIONAL DISAPPROVAL PROCE- 7 DURE.— 8 ‘‘(A) JOINT RESOLUTION DEFINED.—For 9 purposes of this paragraph, the term ‘joint res- 10 olution’ means only a joint resolution intro- 11 duced during the 60-day period described under 12 paragraph (2)(A), the matter after the resolving 13 clause of which is as follows: ‘That Congress 14 disapproves the determination of the Financial 15 Stability Oversight Council submitted in a noti- 16 fication to Congress on lll, and such deter- 17 mination shall have no force or effect.’ (The 18 blank space being filled in with the appropriate 19 date.). 20 ‘‘(B) TREATMENT IN SENATE.— 21 ‘‘(i) In the Senate, if the committee to 22 which is referred a joint resolution has not 23 reported such joint resolution (or an iden- 24 tical joint resolution) at the end of the 20- 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 10 •HR 3466 IH day period beginning on the date Congress 1 is notified of a determination, such com- 2 mittee may be discharged from further 3 consideration of such joint resolution upon 4 a petition supported in writing by 30 Mem- 5 bers of the Senate, and such joint resolu- 6 tion shall be placed on the calendar. 7 ‘‘(ii) In the Senate, when the com- 8 mittee to which a joint resolution is re- 9 ferred has reported, or when a committee 10 is discharged (under clause (i)) from fur- 11 ther consideration of a joint resolution, it 12 is at any time thereafter in order (even 13 though a previous motion to the same ef- 14 fect has been disagreed to) for a motion to 15 proceed to the consideration of the joint 16 resolution, and all points of order against 17 the joint resolution (and against consider- 18 ation of the joint resolution) are waived. 19 The motion is not subject to amendment, 20 or to a motion to postpone, or to a motion 21 to proceed to the consideration of other 22 business. A motion to reconsider the vote 23 by which the motion is agreed to or dis- 24 agreed to shall not be in order. If a motion 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 11 •HR 3466 IH to proceed to the consideration of the joint 1 resolution is agreed to, the joint resolution 2 shall remain the unfinished business of the 3 Senate until disposed of. 4 ‘‘(iii) In the Senate, debate on the 5 joint resolution, and on all debatable mo- 6 tions and appeals in connection therewith, 7 shall be limited to not more than 10 hours, 8 which shall be divided equally between 9 those favoring and those opposing the joint 10 resolution. A motion further to limit de- 11 bate is in order and not debatable. An 12 amendment to, or a motion to postpone, or 13 a motion to proceed to the consideration of 14 other business, or a motion to recommit 15 the joint resolution is not in order. 16 ‘‘(iv) In the Senate, immediately fol- 17 lowing the conclusion of the debate on a 18 joint resolution, and a single quorum call 19 at the conclusion of the debate if requested 20 in accordance with the rules of the Senate, 21 the vote on final passage of the joint reso- 22 lution shall occur. 23 ‘‘(v) In the Senate, appeals from the 24 decisions of the Chair relating to the appli- 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 12 •HR 3466 IH cation of the rules of the Senate to the 1 procedure relating to a joint resolution 2 shall be decided without debate. 3 ‘‘(vi) In the Senate, the procedure 4 specified in this subparagraph shall not 5 apply to the consideration of a joint resolu- 6 tion after the end of the 60-day period de- 7 scribed under paragraph (2)(A). 8 ‘‘(4) TREATMENT OF JOINT RESOLUTION RE- 9 CEIVED FROM THE OTHER HOUSE.—If, before the 10 passage by one House of a joint resolution of that 11 House, that House receives from the other House a 12 joint resolution, then the following procedures shall 13 apply: 14 ‘‘(A) The joint resolution of the other 15 House shall not be referred to a committee. 16 ‘‘(B) With respect to a joint resolution of 17 the House receiving the joint resolution— 18 ‘‘(i) the procedure in that House shall 19 be the same as if no joint resolution had 20 been received from the other House; but 21 ‘‘(ii) the vote on final passage shall be 22 on the joint resolution of the other House. 23 ‘‘(5) TREATMENT OF THIS PARAGRAPH.—This 24 paragraph is enacted by Congress— 25 VerDate Sep 11 2014 05:06 Jun 03, 2023 Jkt 039200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H3466.IH H3466 kjohnson on DSK79L0C42PROD with BILLS 13 •HR 3466 IH ‘‘(A) as an exercise of the rulemaking 1 power of the Senate and House of Representa- 2 tives, respectively, and as such it is deemed a 3 part of the rules of each House, respectively, 4 but applicable only with respect to the proce- 5 dure to be followed in that House in the case 6 of a joint resolution, and it supersedes other 7 rules only to the extent that it is inconsistent 8 with such rules; and 9 ‘‘(B) with full recognition of the constitu- 10 tional right of either House to change the rules 11 (so far as relating to the procedure of that 12 House) at any time, in the same manner, and 13 to the same extent as in the case of any other 14 rule of that House.’’; 15 (4) in section 115— 16 (A) in su [Text truncated for display. 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