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H.R. 4248: FSOC Designation Review Act

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H.R. 4248: FSOC Designation Review Act

114th Congress · introduced 2015-12-15 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2015-12-15 · official record
  2. Who proposed it: Rep. Westmoreland, Lynn A. [R-GA-3] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. 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 Designation Review Act

Plain summary

FSOC Designation Review Act This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies. The FSOC shall reevaluate such a determination not only annually (as under current law) but also upon the request of a nonbank financial company based on its representation that there has been a material change in its operations or activities or a material change in regulatory or market conditions. FSOC must give the company as part of a reevaluation: a confidential written analysis of the specific elements of the company's exposures or activities that would be relevant to the FSOC's reevaluation; and opportunity to submit written materials in response, including a plan to obtain rescission of the determination or other materials relevant to the assessment. The FSOC's written analysis must assess with particularity the company's vulnerability to financial distress, including consideration of its leverage, liquidity risk, and maturity mismatch, and existing regulatory scrutiny of the company. Following a reevaluation the FSOC shall vote whether to reaffirm the determination; but if two-thirds of the voting members do not vote in favor of reaffirmation, the determination in question shall be rescinded immediately, subject at company option to judicial review. (Currently a determination is automatically reaffirmed upon reevaluation unless by a two-thirds vote the FSOC rescinds it.)

Congressional Research Service summary (Introduced in House), 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 Designation Review Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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

Officials and money

Sponsor: Rep. Westmoreland, Lynn A. [R-GA-3] · 6 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Gregory W. Meeks (D-NY), J. French Hill (R-AR)

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 (1)
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).

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr4248 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114