Financial Stability Improvement Act of 2009

[AI summary unavailable — showing source text] Financial Stability Improvement Act of 2009 - Establishes the Financial Services Oversight Council whose duties include: (1) monitoring the financial services marketplace to identify potential threats to the stability of the U.S. financial system; (2) resolving disputes among federal financial regulatory agencies; (3) subjecting identified financial companies and financial activities to heightened prudential standards in order to promote financial stability and mitigate systemic risk (in this Act referred to as "identified companies or identified activities"); and (4) reporting to Congress on significant financial market developments and potential emerging threats to the stability of the financial system. Requires the Board of Governors of the Federal Reserve System (Board) to: (1) impose heightened prudential standards upon a identified financial holding company that poses risks to financial stability and the U.S. economy; (2) take prompt corrective action to resolve the problems of such companies; and (3) specify the levels at which an identified financial holding company is well capitalized, undercapitalized, and significantly undercapitalized. Requires an identified f…