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H.R. 3557: FSOC Transparency and Accountability Act

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H.R. 3557: FSOC Transparency and Accountability Act

114th Congress · introduced 2015-09-18 · Finance and Financial Sector · Latest: Placed on the Union Calendar, Calendar No. 387.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-09-18 · official record
  2. Who proposed it: Rep. Garrett, Scott [R-NJ-5] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Placed on the Union Calendar, Calendar No. 387. Not final yet: this can still change. We check for updates every day.
  5. 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

FSOC Transparency and Accountability Act

Plain summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) FSOC Transparency and Accountability Act (Sec. 2) This bill amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council). The Council is declared an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements). The voting profile of Council members is revised to cite the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board. Such member agencies shall: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head. A Council member may select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves. All Council meetings shall be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.

Congressional Research Service summary (Reported to House without amendment), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

FSOC Transparency and Accountability Act

Source: Congressional Research Service summary (Reported to House without amendment)

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The strongest published arguments

Arguments for (supporters)

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Arguments against (opponents)

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Alternatives

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

Officials and money

Sponsor: Rep. Garrett, Scott [R-NJ-5] · 5 cosponsors

Cost estimate: CBO cost estimate: H.R. 3557, FSOC Transparency and Accountability Act (2016-02-10)

Cosponsors on this site

Ann Wagner (R-MO), Tom Emmer (R-MN)

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 (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Securities
Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr3557 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114