H.R. 3682 — Reported in House

IB Union Calendar No. 316 119th CONGRESS 1st Session H. R. 3682 [Report No. 119–364] IN THE HOUSE OF REPRESENTATIVES June 3, 2025Mr. Foster (for himself and Mr. Huizenga) introduced the following bill; which was referred to the Committee on Financial Services November 4, 2025Additional sponsors: Mr. Gottheimer, Mrs. Kim, Mr. Sherman, Ms. Pettersen, Mr. Torres of New York, Mr. Lucas, Mr. Meuser, Mr. Cleaver, Ms. Houlahan, Mr. David Scott of Georgia, Mr. Schneider, Mr. Vicente Gonzalez of Texas, Mrs. Wagner, Ms. Bynum, Mr. Downing, Ms. De La Cruz, Mr. Lawler, Mr. Himes, and Mr. Nunn of Iowa November 4, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printedStrike out all after the enacting clause and insert the part printed in italicFor text of introduced bill, see copy of bill as introduced on June 3, 2025 A BILL To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System, and for other purposes. 1. Short title This Act may be cited as the Financial Stability Oversight Council Improvement Act of 2025. 2. Financial Stability Oversight Council Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323) is amended— (1) in subsection (a)— (A) in paragraph (1), by striking The Council and inserting Subject to paragraph (3), the Council; and (B) by adding at the end the following: (3) Initial determination The Council may not vote on a proposed determination with respect to a U.S. nonbank financial company under paragraph (1) unless the Council first determines, in consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council or the agency (including the application of new or heightened standards and safeguards under section 120), or by the company under a written plan that is submitted promptly to the Council, is impracticable or insufficient to mitigate the threat that material financial distress at the company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the company, could pose to the financial stability of the United States. ; and (2) in subsection (f)(1), by striking subsection (e) and inserting subsections (a)(3) and (e). November 4, 2025Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed