119-hr3682

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3682 Reported in House

    (RH) ]

<DOC>

 Union Calendar No. 316
119th CONGRESS
 1st Session
 H. R. 3682

 [Report No. 119-364]

 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.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 June 3, 2025

 Mr. Foster (for himself and Mr. Huizenga) introduced the following 
 bill; which was referred to the Committee on Financial Services

 November 4, 2025

 Additional sponsors: Mr. Gottheimer, Mrs. Kim, Mr. Sherman, Ms. 
Pettersen, Mr. Torres of New York, Mr. Lucas, Mr. Meuser, Mr. Cleaver, 
 Ms. Houlahan, Mr. David Scott of Georgia, Mr. Schneider, Mr. Vicente 
Gonzalez of Texas, Mrs. Wagner, Ms. Bynum, Mr. Downing, Ms. De La Cruz, 
 Mr. Lawler, Mr. Himes, and Mr. Nunn of Iowa

 November 4, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
 in italic]
[For text of introduced bill, see copy of bill as introduced on June 3, 
 2025]

_______________________________________________________________________

 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.

 Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``Financial Stability Oversight 
Council Improvement Act of 2025''.

SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL.

 

Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) 
is amended--

    (1) in subsection

    (a) --
        (A) in paragraph

    (1) , by striking ``The Council'' 
 and inserting ``Subject to paragraph

    (3) , the 
 Council''; and
        (B) by adding at the end the following:
 ``

    (3) Initial determination.--The Council may not vote on a 
 proposed determination with respect to a U.S. nonbank financial 
 company under paragraph

    (1) unless the Council first 
 determines, in consultation with the company and the primary 
 financial regulatory agency with respect to the company, that a 
 different action by the Council or the agency (including the 
 application of new or heightened standards and safeguards under 
 

section 120), or by the company under a written plan that is 
 submitted promptly to the Council, is impracticable or 
 insufficient to mitigate the threat that material financial 
 distress at the company, or the nature, scope, size, scale, 
 concentration, interconnectedness, or mix of the activities of 
 the company, could pose to the financial stability of the 
 United States.''; and

    (2) in subsection

    (f)

    (1) , by striking ``subsection

    (e) '' 
 and inserting ``subsections

    (a)

    (3) and

    (e) ''.
 Union Calendar No. 316

119th CONGRESS

 1st Session

 H. R. 3682

 [Report No. 119-364]

_______________________________________________________________________

 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.

_______________________________________________________________________

 November 4, 2025

 Reported with an amendment, committed to the Committee of the Whole 
 House on the State of the Union, and ordered to be printed