The House of Representatives passed a bipartisan bill Wednesday that would give non-bank financial firms more say in how the Financial Stability Oversight Council designates systemically important financial institutions.
The Financial Stability Oversight Council Improvement Act of 2017, H.R. 4061, passed 297-121.
Paul Schott Stevens, president and CEO of the Investment Company Institute, said in a statement that the vote "is a critical step toward providing the FSOC with additional ways to address potential risks to the financial system, while also making the systemically important financial institution (SIFI) process more accountable and transparent."
The Senate has not scheduled a vote on the legislation.