H.R.4387: FSOC Transparency and Accountability Act

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Scott Garrett, R-N.J.
Total Cosponsors 13 (1 Democrat, 12 Republicans)
Introduced April 3, 2014
Latest Major Action June 20, 2014
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Bill Progress

  • Bill introduced in the House   
  • Bill passed in the House   
  • Bill passed in the Senate   
  • Bill signed into law

Bill Summary

FSOC Transparency and Accountability Act - Amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).

Declares the Council an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

Revises the voting profile of Council members to single out the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.

Directs such member agencies to: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by th...

(Source: Congressional Research Service)

Bill Actions

Date Description
June 20, 2014 Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
June 20, 2014 Committee Consideration and Mark-up Session Held.
May 20, 2014 Committee Hearings Held.
April 3, 2014 Referred to the House Committee on Financial Services.