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S. 3578

U.S. Senate•In Senate Committee

Summary

S. 3578, the Financial Stability Oversight Council Improvement Act of 2025, was introduced in the Senate on Dec 18, 2025 by Sen. Mike Rounds (R) with 3 co-sponsors. It was referred to Banking, Housing, And Urban Affairs, and last saw action on Dec 18, 2025: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Record

Text

S. 3578 has 3 co-sponsors.

sb3578/introduced-in-senate.txt
119 S3578 IS: Financial Stability Oversight Council Improvement Act of 2025
 U.S. Senate
 2025-12-18
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  1st Session  S. 3578  IN THE SENATE OF THE UNITED STATES   December 18, 2025   Mr. Rounds  (for himself and  Mr. Peters ) introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    A BILL
To amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System, and for other purposes.
1.
Short title
This Act may be cited as the   Financial Stability Oversight Council Improvement Act of 2025  .
2.
Financial Stability Oversight Council
Section 113 of the Financial Stability Act of 2010 ( 12 U.S.C. 5323 ) is amended—
(1)
in subsection (a)—
(A)
in paragraph (1), by striking  The Council  and inserting  Subject to paragraph (3), the Council ; and
(B)
by adding at the end the following:
(3)
Initial determination
The Council may not vote on a proposed determination with respect to a U.S. nonbank financial company under paragraph (1) unless the Council first determines, in consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council or the agency (including the application of new or heightened standards and safeguards under section 120), or by the company under a written plan that is submitted promptly to the Council, is impracticable or insufficient to mitigate the threat that the company could pose to the financial stability of the United States.
 ; and
(2)
in subsection (f)(1), by striking  subsection (e)  and inserting  subsections (a)(3) and (e) .

Tracker

The tracker indicates the progress of this legislation as it moves through the legislative process.

  1. Introduced2025-12-18
  2. Passed Senate
  3. Passed House
  4. Conference
  5. To President
  6. Became Law

CRS Summary

The summaries are the Congressional Research Service’s, one per stage. Read them in full.

Introduced in Senate Dec 18, 2025

sb3578/introduced-in-senate.md

Shown Here:
Introduced in Senate (12/18/2025)

Financial Stability Oversight Council Improvement Act of 2025

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.

Sponsors

Sen. Mike Rounds (R) sponsors S. 3578, and 3 members have co-sponsored it, 1 of them from the day it was introduced.

Committees

S. 3578 went before 1 committee: Banking, Housing, and Urban Affairs.

Banking, Housing, and Urban Affairs
Banking, Housing, and Urban Affairs
Referred To · Dec 18, 2025 · 465 Bills

Actions

S. 3578 has taken 2 actions since Dec 18, 2025.

ChamberAction
Dec 18, 2025
Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.Banking, Housing, and Urban Affairs Committee
Dec 18, 2025
—
Introduced in Senate

Votes

S. 3578 has not gone to a roll call.

1 bill is related to S. 3578, as Identical bill.

Titles

S. 3578 goes by 3 titles, 1 of them short titles.

  • Financial Stability Oversight Council Improvement Act of 2025 — Display Title
  • Financial Stability Oversight Council Improvement Act of 2025 — Short Title(s) as Introduced
  • A bill to amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System, and for other purposes. — Official Title as Introduced

Lobbying

11 clients hired 11 firms and 143 registered lobbyists who named S. 3578 in 32 quarterly filings, 2025 to 2026. Reported under the Lobbying Disclosure Act; a filing’s income covers everything its registrant worked that quarter, so the amounts below are the filings’, not this bill’s.

Filed under Financial Institutions/Investments/Securities, Taxation/Internal Revenue Code, Retirement, Insurance, Trade (domestic/foreign), Consumer Issues/Safety/Products, Torts, Agriculture.

Clients

Who paid to be heard, by how many filings named the bill.

ClientBusinessStateFirmsFilingsReported
AMERICAN COUNCIL OF LIFE INSURERS—District of Columbia14—
CHAMBER OF COMMERCE OF THE U.S.A.—District of Columbia14—
REINSURANCE ASSN OF AMERICA—District of Columbia14—
FMR LLC—Massachusetts13—
FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON) AND AFFILIATESInvestment ManagerCalifornia13—
MANAGED FUNDS ASSOCIATION—District of Columbia13—
NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES—District of Columbia13—
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY—Wisconsin13—
PACIFIC LIFE INSURANCE COMPANY—California12—
VANGUARD GROUP—Pennsylvania12—
INVESTMENT COMPANY INSTITUTE—District of Columbia11—

Firms

Registrants who filed on the bill, by filings.

RegistrantClientsFilingsReported
AMERICAN COUNCIL OF LIFE INSURERS14—
CHAMBER OF COMMERCE OF THE U.S.A.14—
REINSURANCE ASSN OF AMERICA14—
FMR LLC13—
FRANKLIN RESOURCES, INC. (FRANKLIN TEMPLETON) AND AFFILIATES13—
MANAGED FUNDS ASSOCIATION13—
NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES13—
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY13—
PACIFIC LIFE INSURANCE COMPANY12—
VANGUARD GROUP12—
INVESTMENT COMPANY INSTITUTE11—

Lobbyists

Named on the filings that cite the bill. The 20 named most often, of 143.

LobbyistFirmsClientsFilings
ABELARDO TORRES114
ALEXA BRANSON114
AMANDA MAYS114
ANDREA PORWOLL114
ANDREW REMO114
ASHLEY GUM114
BRADLEY WATTS114
BRINCE MANNING114
BROOKE MILLER114
CASSIA CARVALHO114
CHAD WHITEMAN114
CHANTEL SHEAKS114
CHRISTOPHER CRENSHAW114
CHRISTOPHER EYLER114
CHRISTOPHER GUITH114
CHRISTOPHER ROBERTI114
CLARK JACKSON114
DAN BYERS114
DOUGLAS LATHROP114
ERIN DELANEY114

Filings

The documents themselves, on the Senate’s Lobbying Disclosure site, largest reported first.

ClientRegistrantPeriodReportedDocument
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 first_quarter$19.8M1st Quarter - Amendme…
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 first_quarter$19.8M1st Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2025 fourth_quarter$18M4th Quarter - Report
CHAMBER OF COMMERCE OF THE U.S.A.CHAMBER OF COMMERCE OF THE U.S.A.2026 second_quarter$17M2nd Quarter - Report
AMERICAN COUNCIL OF LIFE INSURERSAMERICAN COUNCIL OF LIFE INSURERS2025 fourth_quarter$1.9M4th Quarter - Report
MANAGED FUNDS ASSOCIATIONMANAGED FUNDS ASSOCIATION2026 first_quarter$1.6M1st Quarter - Report
MANAGED FUNDS ASSOCIATIONMANAGED FUNDS ASSOCIATION2025 fourth_quarter$1.3M4th Quarter - Report
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANYTHE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY2026 second_quarter$1.3M2nd Quarter - Report
INVESTMENT COMPANY INSTITUTEINVESTMENT COMPANY INSTITUTE2026 second_quarter$1.2M2nd Quarter - Report
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANYTHE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY2026 first_quarter$1.1M1st Quarter - Amendme…
THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANYTHE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY2026 first_quarter$1.1M1st Quarter - Report
AMERICAN COUNCIL OF LIFE INSURERSAMERICAN COUNCIL OF LIFE INSURERS2026 first_quarter$1.1M1st Quarter - Report
AMERICAN COUNCIL OF LIFE INSURERSAMERICAN COUNCIL OF LIFE INSURERS2026 second_quarter$1.1M2nd Quarter - Amendme…
AMERICAN COUNCIL OF LIFE INSURERSAMERICAN COUNCIL OF LIFE INSURERS2026 second_quarter$1.1M2nd Quarter - Report
MANAGED FUNDS ASSOCIATIONMANAGED FUNDS ASSOCIATION2026 second_quarter$1.1M2nd Quarter - Report
FMR LLCFMR LLC2026 first_quarter$840K1st Quarter - Report
VANGUARD GROUPVANGUARD GROUP2026 second_quarter$670K2nd Quarter - Report
FMR LLCFMR LLC2025 fourth_quarter$670K4th Quarter - Report
FMR LLCFMR LLC2026 second_quarter$660K2nd Quarter - Report
VANGUARD GROUPVANGUARD GROUP2026 first_quarter$610K1st Quarter - Report

Classification

The Congressional Research Service files S. 3578 under Finance and Financial Sector, one of its 31 policy areas.

CRS Subjects

CRS assigns every bill one policy area from its 31; S. 3578’s is Finance and Financial Sector.

s3578/policy-areas.txt
Finance and Financial SectorAgriculture and FoodAnimalsArmed Forces and National SecurityArts, Culture, ReligionCivil Rights and Liberties, Minority IssuesCommerceCongressCrime and Law EnforcementEconomics and Public FinanceEducationEmergency ManagementEnergyEnvironmental ProtectionFamiliesForeign Trade and International FinanceGovernment Operations and PoliticsHealthHousing and Community DevelopmentImmigrationInternational AffairsLabor and EmploymentLawNative AmericansPublic Lands and Natural ResourcesScience, Technology, CommunicationsSocial WelfareSports and RecreationTaxationTransportation and Public WorksWater Resources Development

Source: congress.gov · legiscan.com