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 themselves.
Requires all Council meetings to be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4387 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4387
To amend the Financial Stability Act of 2010 to require the Financial
Stability Oversight Council to hold open meetings and comply with the
requirements of the Federal Advisory Committee Act, to provide
additional improvements to the Council, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 3, 2014
Mr. Garrett introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Financial Stability Act of 2010 to require the Financial
Stability Oversight Council to hold open meetings and comply with the
requirements of the Federal Advisory Committee Act, to provide
additional improvements to the Council, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``FSOC Transparency and Accountability
Act''.
SEC. 2. FINANCIAL STABILITY OVERSIGHT COUNCIL TRANSPARENCY.
(a) Transparency.--Section 111 of the Financial Stability Act of
2010 (12 U.S.C. 5321) is amended--
(1) by striking subsection (g) (relating to the
nonapplicability of FACA); and
(2) by inserting after subsection (f) the following:
``(g) Open Meeting Requirement.--The Council shall be an agency for
purposes of section 552b of title 5, United States Code (commonly
referred to as the `Government in the Sunshine Act').''.
(b) Council Membership.--Section 111(b) of such Act is amended--
(1) in paragraph (1)--
(A) by striking ``who shall each'' and inserting
``who shall, except as provided below, each'';
(B) by amending subparagraph (B) to read as
follows:
``(B) each member of the Board of Governors, who
shall collectively have 1 vote on the Council;'';
(C) by amending subparagraph (E) to read as
follows:
``(E) each member of the Commission, who shall
collectively have 1 vote on the Council;'';
(D) by amending subparagraph (F) to read as
follows:
``(F) each member of the Corporation, who shall
collectively have 1 vote on the Council;'';
(E) by amending subparagraph (G) to read as
follows:
``(G) each member of the Commodity Futures Trading
Commission, who shall collectively have 1 vote on the
Council;''; and
(F) by amending subparagraph (I) to read as
follows:
``(I) each member of the National Credit Union
Administration Board, who shall collectively have 1
vote on the Council;''; and
(2) by adding at the end the following:
``(4) Voting by multi-person entity.--
``(A) Voting within the entity.--An entity
described under subparagraph (B), (E), (F), (G) or (I)
shall determine the entity's Council vote by using the
voting process normally applicable to votes by the
entity's members.
``(B) Casting of entity vote.--The 1 collective
Council vote of an entity described under subparagraph
(A) shall be cast by the head of such agency or, in the
event such head is unable to cast such vote, the next
most senior member of the entity available.''.
(c) Meeting Oversight and Access.--Section 111(e) of such Act is
amended by adding at the end the following:
``(3) Staff access.--Any member of the Council may 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
themselves.
``(4) Congressional oversight.--All meetings of the
Council, whether or not open to the public, shall be open to
the attendance by, and participation of, members of the
Committee on Financial Services of the House of Representatives
and the Committee on Banking, Housing, and Urban Affairs of the
Senate.
``(5) Member agency meetings.--Any meeting of
representatives of the member agencies other than the members
themselves shall be open to attendance by, and participation
of, staff of the Committee on Financial Services of the House
of Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate.''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Hearings Held.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
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