,i  #aaith ,,congress  #ast ,session    
,h4 ,r4 #cfhb  ,,in ,,the ,,house ,,of  
,,representatives  ,june #c1 #bjbe,mr4  
,foster 7for himself and ,mr4 ,huizenga7
 introduced the following bill2 which   
was referred to the ,committee on       
,financial ,services  ,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 #bjbe4  #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