,,ii  #aafth ,,congress  #ast ,session  
,s4 #fjc  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,february #bh1      
#bjai,mr4 ,rounds 7for himself1 ,mr4    
,jones1 ,mr4 ,tillis1 and ,ms4 ,sinema7 
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to amend   
the ,financial ,stability ,act of #bjaj 
to require the ,financial ,stability    
,oversight ,council to consider         
alternative approaches before           
determining that a ,u4,s4 nonbank       
financial company shall be supervised by
 the ,board of ,governors of the        
,federal ,reserve ,system1 and for other
 purposes4  #a4 ,short title ,this ,act 
may be cited as the ,financial          
,stability ,oversight ,council          
,improvement ,act of #bjai4  #b4        
,financial ,stability ,oversight        
,council ,section #aac of the ,financial
 ,stability ,act of #bjaj 7#ab ,u4,s4,c4
 #ecbc7 is amended-- 7#a7 in subsection 

7a7--  7,a7 in paragraph 7#a71 by       
striking ,the ,council and inserting    
,subject to paragraph 7#c71 the         
,council2 and  7,b7 by adding at the end
 the following3  7#c7 ,initial          
determination ,the ,council may not vote
 on a proposed determination with       
respect to a ,u4,s4 nonbank financial   
company under paragraph 7#a7 unless the 
,council first determines1 in           
consultation with the company and the   
primary financial regulatory agency with
 respect to the company1 that a         
different action by the ,council or the 
agency 7including the application of new
 or heightened standards and safeguards 
under section #abj71 or by the company  
under a written plan that is submitted  
promptly to the ,council1 is            
impracticable or insufficient to        
mitigate the threat that the company    
could pose to the financial stability of
 the ,united ,states4  2 and  7#b7 in   
subsection 7f77#a71 by striking         
subsection 7e7 and inserting subsections

 7a77#c7 and 7e74