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Financial Stability Oversight Council Improvement Act of 2017
(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systemically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.
The bill revises procedural requirements related to council determinations of systemic importance. Specifically, the council must: (1) provide an opportunity, during an annual reevaluation of such a determination for a nonbank financial company, for the company to submit written materials to, and meet with, the council in order to contest the determination; (2) every five years, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it; and (3) undertake certain procedures for initial evaluations.
(Sec. 4) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
Written by the nonpartisan Congressional Research Service, describing H.R. 4061 as passed House amended on Apr 11, 2018. It is not the text of the measure; a later amendment may have changed what it does.
House Apr 11, 2018
Financial Stability Oversight Council Improvement Act
Passed
297 Yea 121 Nay 10 not voting
Crossed both parties 67 of 418 voting members broke with their own party: 66 Democrats, 1 Republican.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
428 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 4061 and vote against it. 49 signed when it was filed.
Organizations that named H.R. 4061 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
109 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.