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%

Commitment kind: unknown. Promised action: not established. Promised outcome: not established. Deadline: unknown; not assumed expired.

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

unverified · Source version 34494 · locator unknown

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.

Unverified model/legacy excerpt; not proof. AI summary (separate from source): 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%

unverified · Source version 2218 · locator unknown

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.

Unverified model/legacy excerpt; not proof. AI summary (separate from source): 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%

verified · Source version 64376 · locator 1309

Mr. Rounds (for himself and Mr. Peters) introduced the following bill

Fetched verbatim passage. AI summary (separate from source): GovInfo confirms Rounds personally introduced S.3578, satisfying the commitment to introduce/support legislation on FSOC SIFI designation-process reforms.

delivered later_term A for effort

S. 3578 (IS) - Financial Stability Oversight Council Improvement Act of 2025 - BILLS-119s3578is | Content Details | GovInfo
secondary · model gpt-5.5 · confidence 97%

unverified · Source version 64378 · locator unknown

consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council

Unverified model/legacy excerpt; not proof. AI summary (separate from source): The introduced bill text matches the promise's substance by requiring consultation with the affected company and regulator while considering alternative actions before designation.

delivered later_term

BILLS-119s3578is.pdf
secondary · model gpt-5.5 · confidence 96%

verified · Source version 64380 · locator 1801

Passed the House of Representatives February 9, 2026.

Fetched verbatim passage. AI summary (separate from source): The House companion with the same FSOC reform framework passed the House, showing related congressional progress beyond introduction, though enactment is not shown here.

partial later_term A for effort

H. R. 3682 (Engrossed-in-House)
secondary · model gpt-5.5 · confidence 90%

Assessments

Public state: unverified As of unknown · legacy_unverified · . Original AI recommendation (not independently established): 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%