Reform bill aims to throw daylight on FSOC

High-ranking member of the US House Committee on Financial Services Scott Garrett has launched a bill to reform the US Financial Stability Oversight Council (FSOC). “Over the last two years, it has become increasingly apparent that the [FSOC], created by the Dodd-Frank Act, is in serious need of reform,” said the Republican congressman announcing the bill on April 3. “The council meets in secret, refuses to disclose substantive transcripts, and blocks any requests by other regulators or members of Congress for a more open and transparent process.”