Introduce and support legislation to increase transparency and accountability in the Financial Stability Oversight Council's SIFI designation process by requiring consideration of alternatives and consultation with regulators and affected companies before designation.

Mike Rounds · South Dakota · Republican

policy impact 0.43 specificity 0.86 extraction confidence 82%

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Occurrences

Rounds and Gary Peters introduced the FSOC Improvement Act to enhance transparency and procedural fairness of the SIFI designation process, codify guidance requiring FSOC to determine whether systemic risks could be better addressed through means other than designating a financial institution as a SIFI, and require consultation with the primary regulator and the company on other means to address potential threats to financial stability.

Rounds backed the FSOC Improvement Act, a bill intended to make SIFI designations a last-resort regulatory tool with more consultation and procedural fairness.

Rounds Leads Legislation to Increase Tra... | U.S. Senator Mike Rounds
secondary · other · model gpt-5.5

Evidence

Congress.gov lists S.3578 as sponsored by Sen. Mike Rounds, introduced on December 18, 2025, referred to Senate Banking, and still at the Introduced stage. The bill would require FSOC to consider alternative approaches before nonbank Federal Reserve supervision and to consult with the company and primary financial regulator.

Rounds introduced legislation matching the promise's core requirements: FSOC alternatives analysis plus consultation with affected companies and regulators before designation. It had not advanced beyond introduction as of the available record.

delivered later_term A for effort

Text - S.3578 - Financial Stability Oversight Council Improvement Act of 2025
secondary · model gpt-5.5 · confidence 97%

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Rounds's Congress.gov member page includes S.3578, titled Financial Stability Oversight Council Improvement Act of 2025, with Rounds as sponsor, three cosponsors, and the latest action reading twice and referral to Senate Banking on December 18, 2025.

This independently confirms Rounds personally introduced the FSOC improvement bill, satisfying the promise to introduce/support such legislation, though in a later Senate term.

delivered later_term A for effort

Senator Mike Rounds | Congress.gov | Library of Congress
secondary · model gpt-5.5 · confidence 95%

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Assessments

delivered later_term

Rounds personally sponsored S.3578, the Financial Stability Oversight Council Improvement Act of 2025, introduced on December 18, 2025. The bill directly matches the promise by requiring FSOC to consider alternative approaches and consult with the affected company and primary financial regulator before a nonbank SIFI determination. Because the promise was to introduce and support legislation, not necessarily enact it, introduction satisfies the promised action even though the bill remained only at the introduced/referred stage. The action occurred in a later Senate term.

provider codex_cli · model gpt-5.5 · confidence 96%