To require the Chairperson of the Financial Stability Oversight Council to provide contingency plans for a disruption in the timing of payment on Treasury securities, and for other purposes.
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill, introduced in the 118th Congress as H.R. 7691, would require the Chairperson of the Financial Stability Oversight Council (FSOC) to develop and provide contingency plans addressing potential disruptions in the timing of payments on U.S. Treasury securities. The bill aims to ensure preparedness for scenarios where payment schedules on Treasury securities might be interrupted, which could have significant implications for financial markets and government financing. The bill was referred to the House Committee on Financial Services but ultimately failed or expired without further action. No full text or official summary is available to provide additional details.
H.R. 7691 sought to mandate contingency planning by the FSOC Chairperson for disruptions in Treasury securities payments but did not advance beyond committee referral and expired.
- The bill focuses on contingency planning for disruptions in the timing of payments on Treasury securities.
- It assigns responsibility to the Chairperson of the Financial Stability Oversight Council for developing these plans.
- The bill was referred to the House Committee on Financial Services but did not progress further and expired.
['Financial Stability Oversight Council', 'U.S. Department of the Treasury', 'Financial markets participants including investors in Treasury securities', 'Federal government agencies involved in debt management']
['The bill does not specify funding or resources for developing and maintaining contingency plans, which could affect implementation.', 'Without detailed text, it is unclear how oversight or enforcement of the contingency planning requirement would be structured.', 'The scope and detail of the contingency plans required are not defined, which may affect their effectiveness.']
The bill was introduced in the House during the 118th Congress and referred to the House Committee on Financial Services. It addresses financial sector stability by focusing on Treasury securities payment disruptions, a topic relevant to government debt management and financial market confidence. The bill did not advance beyond committee referral and expired, indicating limited legislative momentum.
Hidden impact flags detected: 2
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['Improved contingency planning could enhance market confidence in Treasury securities payment reliability.', 'Mandating contingency plans may increase administrative workload for FSOC and Treasury staff.', 'Potentially, better preparedness could reduce systemic risks in financial markets related to Treasury payment disruptions.']
The absence of a full bill text and official summary limits detailed analysis. Transparency would be improved by providing full legislative text and clear definitions of responsibilities, funding, and oversight mechanisms. Monitoring the implementation of contingency plans, if enacted, would be important to assess effectiveness and adherence.
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