[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3557 Reported in House (RH)]
<DOC>
Union Calendar No. 387
114th CONGRESS
2d Session
H. R. 3557
[Report No. 114-507]
To amend the Financial Stability Act of 2010 to require the Financial
Stability Oversight Council to hold open meetings and comply with the
requirements of the Federal Advisory Committee Act, to provide
additional improvements to the Council, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 18, 2015
Mr. Garrett (for himself and Mr. Hurt of Virginia) introduced the
following bill; which was referred to the Committee on Financial
Services
April 19, 2016
Additional sponsors: Mrs. Wagner, Mr. Mulvaney, Mr. Emmer of Minnesota,
and Mr. Fincher
April 19, 2016
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed
_______________________________________________________________________
A BILL
To amend the Financial Stability Act of 2010 to require the Financial
Stability Oversight Council to hold open meetings and comply with the
requirements of the Federal Advisory Committee Act, to provide
additional improvements to the Council, 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 ``FSOC Transparency and Accountability
Act''.
SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL TRANSPARENCY.
(a) Transparency.--Section 111 of the Financial Stability Act of
2010 (12 U.S.C. 5321) is amended--
(1) by striking subsection (g) (relating to the
nonapplicability of FACA); and
(2) by inserting after subsection (f) the following:
``(g) Open Meeting Requirement.--The Council shall be an agency for
purposes of section 552b of title 5, United States Code (commonly
referred to as the `Government in the Sunshine Act').''.
(b) Council Membership.--Section 111(b) of such Act is amended--
(1) in paragraph (1)--
(A) by striking ``who shall each'' and inserting
``who shall, except as provided below, each'';
(B) by amending subparagraph (B) to read as
follows:
``(B) each member of the Board of Governors, who
shall collectively have 1 vote on the Council;'';
(C) by amending subparagraph (E) to read as
follows:
``(E) each member of the Commission, who shall
collectively have 1 vote on the Council;'';
(D) by amending subparagraph (F) to read as
follows:
``(F) each member of the Corporation, who shall
collectively have 1 vote on the Council;'';
(E) by amending subparagraph (G) to read as
follows:
``(G) each member of the Commodity Futures Trading
Commission, who shall collectively have 1 vote on the
Council;''; and
(F) by amending subparagraph (I) to read as
follows:
``(I) each member of the National Credit Union
Administration Board, who shall collectively have 1
vote on the Council;''; and
(2) by adding at the end the following:
``(4) Voting by multi-person entity.--
``(A) Voting within the entity.--An entity
described under subparagraph (B), (E), (F), (G) or (I)
shall determine the entity's Council vote by using the
voting process normally applicable to votes by the
entity's members.
``(B) Casting of entity vote.--The 1 collective
Council vote of an entity described under subparagraph
(A) shall be cast by the head of such agency or, in the
event such head is unable to cast such vote, the next
most senior member of the entity available.''.
(c) Meeting Oversight and Access.--Section 111(e) of such Act is
amended by adding at the end the following:
``(3) Staff access.--Any member of the Council may select
to have one or more individuals on the member's staff attend a
meeting of the Council, including any meeting of
representatives of the member agencies other than the members
themselves.
``(4) Congressional oversight.--All meetings of the
Council, whether or not open to the public, shall be open to
the attendance by, and participation of, members of the
Committee on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban Affairs of the
Senate.
``(5) Member agency meetings.--Any meeting of
representatives of the member agencies other than the members
themselves shall be open to attendance by, and participation
of, staff of the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate.''.
Union Calendar No. 387
114th CONGRESS
2d Session
H. R. 3557
[Report No. 114-507]
_______________________________________________________________________
A BILL
To amend the Financial Stability Act of 2010 to require the Financial
Stability Oversight Council to hold open meetings and comply with the
requirements of the Federal Advisory Committee Act, to provide
additional improvements to the Council, and for other purposes.
_______________________________________________________________________
April 19, 2016
Committed to the Committee of the Whole House on the State of the Union
and ordered to be printed