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H. Rept. 114-871 1 (2016-12-12)

handle is hein.congrecreports/crptxryu0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-871 FINANCIAL STABILITY OVERSIGHT COUNCIL IMPROVEMENT ACT OF 2015 DECEMBER 12, 2016.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT together with MINORITY VIEWS [To accompany H.R. 1550] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1550) to amend the Financial Stability Act of 2010 to im- prove the transparency of the Financial Stability Oversight Coun- cil, to improve the SIFI designation process, and for other pur- poses, having considered the same, report favorably thereon with- out amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 1550 amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when deter- mining whether to subject a nonbank financial company to super- vision by the Board of Governors of the Federal Reserve System, to consider the appropriateness of imposing such standards as op- posed to other forms of regulation to mitigate identified risks to U.S. financial stability. The bill also provides for annual and peri- odic reevaluation of FSOC determinations, enhanced procedures for making additional determinations, and periodic FSOC assessments of the impact of its designations. 69-006

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