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B-335761 Jan 03, 2024 1 (2024-01-03)

handle is hein.gao/gaoprg0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-335761 January 3, 2024 The Honorable Sherrod Brown Chairman The Honorable Tim Scott Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Patrick McHenry Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Financial Stability Oversight Council: Guidance on Nonbank Financial Company Determinations Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Financial Stability Oversight Council (Council) entitled Guidance on Nonbank Financial Company Determinations. We received the rule on November 15, 2023. It was published in the Federal Register as final interpretive guidance on November 17, 2023. 88 Fed. Reg. 80110. The effective date is January 16, 2024. According to the Council, this final interpretive guidance describes the process the Council intends to undertake in determining whether to subject a nonbank financial company to prudential standards and supervision by the Board of Governors of the Federal Reserve System under section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Pub. L. No. 111-203, title I, § 113, 124 Stat. 1376, 1398-1402 (July 21, 2010), codified at 12 U.S.C. § 5323. The Congressional Review Act (CRA) requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). This final interpretive guidance was published in the Federal Register on November 17, 2023. 88 Fed. Reg. 80110. The Congressional Record shows that the guidance was received by the Senate on November 28, 2023, and by the House of Representatives on December 6, 2023. 169 Cong. Rec. S5673 (daily ed. Nov. 29, 2023); 169 Cong. Rec. H6982 (daily ed. Dec. 14, 2023). The guidance has a stated effective date of January 16, 2024. Therefore, based on the dates of congressional receipt, the final interpretive guidance does not have the required 60-day delay in its effective date. Enclosed is our assessment of the Council's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions

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