Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations".
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Summary
This joint resolution nullifies the guidance issued by the Financial Stability Oversight Council titled Guidance on Nonbank Financial Company Determinations and published on November 17, 2023. The guidance revises council procedures for considering whether a nonbank financial company must be supervised by the Federal Reserve and subject to enhanced prudential standards.
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