S. 3601 — Financial Stability Oversight Council Improvement Act of 2024

This bill requires the Financial Stability Oversight Council, prior to determining that a U.S. nonbank financial company shall be supervised by the Federal Reserve Board and therefore subject to certain prudential standards, to first determine that certain alternative actions would not mitigate the threat the company may pose to U.S. financial stability. The bill also requires the council to annually submit a report to Congress identifying planning materials and activities relating to threats to U.S. financial stability, as well as steps taken by the council to plan for a financial crisis. Finally, the council must publicly release detailed minutes after a closed meeting of the council.