H. Rept. 115-592 1 (2018-03-09)

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                   115TH CONGRESS                                     REPORT
                      2d Session    HOUSE OF REPRESENTATIVES          115-592





                          FINANCIAL STABILITY OVERSIGHT COUNCIL
                                   IMPROVEMENT ACT OF 2017


                    MARCH 9, 2018.-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. 4061]

                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 4061) 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
                     On October 10, 2017, Representative Dennis Ross introduced
                   H.R. 4061, the Financial Stability Oversight Council Improvement
                   Act, which amends Title I of the Dodd-Frank Wall Street Reform
                   and Consumer Protection Act (Dodd-Frank) to require the Finan-
                   cial Stability Oversight Council (FSOC), as it determines whether
                   to subject a U.S. or a foreign nonbank financial company to super-
                   vision by the Board of Governors of the Federal Reserve System
                   (Federal Reserve), to consider the appropriateness of imposing
                   heightened prudential standards as opposed to other forms of regu-
                   lation to mitigate identified risks to U.S. financial stability.


79-006

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