S. 2756: Financial Services Systemic Risk Oversight Council Act of 2009

111th Congress · introduced 2009-11-09 · Finance and Financial Sector · Latest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2009-11-09 · official record
Who proposed it: Sen. Warner, Mark R. [D-VA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Services Systemic Risk Oversight Council Act of 2009

Plain summary

Financial Services Systemic Risk Oversight Council Act of 2009 - Establishes the Financial Services Systemic Risk Oversight Council, whose Chairman shall be appointed by the President with the advice and consent of the Senate. Prohibits the Chairman from: (1) holding any other office for which appointment by the President and confirmation by the Senate are required; or (2) participating in federal election campaign activities. Designates the following as Council members: (1) the Secretary of the Treasury; (2) the Chairman of the Board of Governors of the Federal Reserve System; (3) the Comptroller of the Currency; (4) the Director of the Office of Thrift Supervision (OTS); (5) one individual, designated by the President, having expertise and experience in the protection of consumers of financial products; (6) the Chairman of the Securities and Exchange Commission (SEC); (7) the Chairman of the Commodity Futures Trading Commission (CFTC); (8) the Chairman of the Federal Deposit Insurance Corporation (FDIC); and (9) one individual designated by the President. Requires the Council to: (1) regulate systemic risk in the U.S. financial system; (2) monitor financial markets and financial companies to identify and address potential systemic risk; (3) evaluate the ability of the financial markets to function appropriately throughout the failure of U.S. Financial companies and foreign financial companies in a way that minimizes systemic risk; (4) establish criteria for the assignment of a primary prudential regulator to financial institutions which may pose a systemic risk which are not already subject to federal prudential regulation; and (5) establish minimum, mandatory prudential standards for the mitigation of systemic risk. Authorizes the Council to assign a primary prudential regulator to any U.S. or foreign nonbank financial company for which the Council determines one is necessary to mitigate systemic risk related to the company. Directs the FDIC to require a U.S. or foreign nonbank financial company that may pose a systemic risk to develop a plan for rapid and orderly resolution that: (1) is designed to mitigate systemic risk; and (2) does not contemplate and is not dependent upon the use of any extraordinary systemic resolution process that requires the President's approval. Authorizes the Council to recommend to the President that systemic resolution procedures be used to effect the orderly failure of a financial company in specified circumstances of default or danger of default. Requires each federal financial regulator to report annually to the Council and to specified congressional committees on actions to prevent, reduce, and mitigate the effects of systemic risk.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Nay” vote

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What does this mean? (plain words)

Official text

Financial Services Systemic Risk Oversight Council Act of 2009

Source: Congressional Research Service summary (Introduced in Senate)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Warner, Mark R. [D-VA] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Warner, Mark R. [D-VA] reported raising $20.2 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (3)

Resolution: A formal statement or decision by a legislative body. Simple resolutions often only express an opinion or set rules for one chamber; they do not become law.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s2756.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s2756 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111