HR 4387 · 113th Congress · Finance and Financial Sector

FSOC Transparency and Accountability Act

Introduced 2014-04-03· Sponsored by Rep. Garrett, Scott [R-NJ-5]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.(2014-06-20)

Plain Language Summary

[AI summary unavailable — showing source text] 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 the agency head. Permits any Council member to select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members th…

Summarized by Claude AI · Non-partisan · For informational purposes only

CBO Cost Estimate

Congressional Budget Office

H.R. 4387, FSOC Transparency and Accountability Act

Sep 17, 2014

As ordered reported by the House Committee on Financial Services on June 20, 2014

Full CBO report ↗

Official non-partisan budget analysis by the Congressional Budget Office

Cosponsors (13)

1 Democrat12 Republicans