; and (D) by striking subsection (d); (2) in section 1105 ( 12 U.S.C. 5612 )— (A) in subsection (c)— (i) in paragraph (1)— (I) by inserting and upon notification to Congress after with the President ; (II) by striking President may and inserting President shall ; and (III) by striking amount and a request and inserting amount, and include in such report the expected cost to taxpayers and a detailed description of the assumptions made and analytical tools used to calculate such expected cost, and a request ; and (ii) in paragraph (2), by inserting and upon notification to Congress after with the President ; and (B) in subsection (g), by amending paragraph (3) to read as follows: (3) Liquidity event The term liquidity event shall have the definition given such term, jointly, by the Board of Governors, the Corporation, and the Secretary, by rule pursuant to notice and comment. . (c) Title 31 Section 714(f)(3) of title 31, United States Code, is amended— (1) in subparagraph (B), by striking legislative or ; and (2) in subparagraph (C)(i), by striking , including to Congress, . III Enhancing Financial Stability Oversight Council Transparency 301. FSOC transparency (a) Financial Stability Act of 2010 The Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq. ) is amended— (1) in section 111— (A) in subsection (b)(1)— (i) in subparagraph (I), by striking and at the end; (ii) in subparagraph (J), by striking the period at the end and inserting ; and ; and (iii) by adding at the end the following: (K) an independent member appointed by the President, by and with the advice and consent of the Senate, and not of the same political party as the President. ; (B) in subsection (c)— (i) in paragraph (1), by striking independent member and inserting independent members ; and (ii) in paragraph (4)— (I) in the heading, by striking independent member and inserting independent members ; and (II) by striking subsection (b)(1)(J) and inserting subparagraph (J) or (K) of subsection (b)(1) ; (C) by striking subsection (d)