1. Short title This Act may be cited as the Financial Stability Oversight Council Improvement Act of 2017 . 2. SIFI designation process Section 113 of the Financial Stability Act of 2010 ( 12 U.S.C. 5323 ) is amended— (1) in subsection (a)(2)— (A) in subparagraph (J), by striking and at the end; (B) by redesignating subparagraph (K) as subparagraph (L); and (C) by inserting after subparagraph (J) the following: (K) the appropriateness of the imposition of prudential standards as opposed to other forms of regulation to mitigate the identified risks; and ; (2) in subsection (b)(2)— (A) in subparagraph (J), by striking and at the end; (B) by redesignating subparagraph (K) as subparagraph (L); (C) by inserting after subparagraph (J) the following: (K) the appropriateness of the imposition of prudential standards as opposed to other forms of regulation to mitigate the identified risks; and ; and (3) by amending subsection (d) to read as follows: (d) Reevaluation and Rescission (1) Annual reevaluation Not less frequently than annually, the Council shall reevaluate each determination made under subsections (a) and (b) with respect to a nonbank financial company supervised by the Board of Governors and shall— (A) provide written notice to the nonbank financial company being reevaluated and afford such company an opportunity to submit written materials, within such time as the Council determines to be appropriate (but which shall be not less than 30 days after the date of receipt by the company of such notice), to contest the determination, including materials concerning whether, in the company’s view, material financial distress at the company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of the activities of the company could pose a threat to the financial stability of the United States; (B) provide an opportunity for the nonbank financial company to meet with the Council to present the information described in subparagraph (A)