HR 3682 (Financial Stability Oversight Council Improvement Act) passed the House 2026-02-09 and now has an identical Senate companion bill (S3578). The bill requires FSOC to exhaust alternative actions before designating nonbank financial firms as systemically important, reducing regulatory risk for large nonbank financial companies. This is structurally bullish for Berkshire Hathaway, Blackstone, PayPal, Visa, and Mastercard by lowering odds of future Fed supervision and associated capital requirements.
→ FSOC must first determine that alternative actions (including applying new standards under Section 120 or a written plan from the company) are impracticable or insufficient before voting to designate a nonbank financial company for Federal Reserve supervision