,,ii  #aahth ,,congress  #b;d ,session  
,s4 #cfja  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,january #ag1  
#bjbd,mr4 ,rounds 7for himself 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 #bjbd4  #b4        
,financial ,stability ,oversight        
,council  7a7 ,in general ,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  7b7       

,additional duties ,section #aab7;a77#b7
 of the ,financial ,stability ,act of   
#bjaj 7#ab ,u4,s4,c4 #ecbb7;a77#b77 is  
amended-- 7#a7 in subparagraph 7,m77ii71
 by striking and at the end2  7#b7 in   
subparagraph 7,n77vi77,,iii71 by        
striking the period at the end and      
inserting a semicolon2 and  7#c7 by     
adding at the end the following3  7,o7  
not later than #ahj days after the date 
of enactment of this subparagraph1 and  
once every #cfj days thereafter1 submit 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs of the ,senate and 
the ,committee on ,financial ,services  
of the ,house of ,representatives a     
report that-- 7i7 identifies-- 7,i7 the 
planning materials relating to a threat 
to the financial stability of the       
,united ,states that are available for  
collection by1 and dissemination to1    
member agencies2 and  7,,ii7 the        
potential gaps in planning activities   
with respect to a threat to the         
financial stability of the ,united      

,states and the threats posed by those  
gaps2 and  7ii7 includes-- 7,i7 steps   
taken by the ,council to plan for a     
crisis with respect to the financial    
stability of the ,united ,states1 which 
shall be consistent with discussions by 
member agencies2 and  7,,ii7 a review of
 financial activities1 products1 and    
practices2 and  7,p7 after any closed   
meeting of the ,council1 publicly       
release detailed minutes of that        
meeting4  4