1. Short title This Act may be cited as the Financial Stability Oversight Council Improvement Act of 2024 . 2. Financial Stability Oversight Council (a) In general Section 113 of the Financial Stability Act of 2010 ( 12 U.S.C. 5323 ) is amended— (1) in subsection (a)— (A) in paragraph (1), by striking The Council and inserting Subject to paragraph (3), the Council ; and (B) by adding at the end the following: (3) Initial determination The Council may not vote on a proposed determination with respect to a U.S. nonbank financial company under paragraph (1) unless the Council first determines, in consultation with the company and the primary financial regulatory agency with respect to the company, that a different action by the Council or the agency (including the application of new or heightened standards and safeguards under section 120), or by the company under a written plan that is submitted promptly to the Council, is impracticable or insufficient to mitigate the threat that the company could pose to the financial stability of the United States. ; and (2) in subsection (f)(1), by striking subsection (e) and inserting subsections (a)(3) and (e) . (b) Additional duties Section 112(a)(2) of the Financial Stability Act of 2010 ( 12 U.S.C. 5322(a)(2) ) is amended— (1) in subparagraph (M)(ii), by striking and at the end; (2) in subparagraph (N)(vi)(III), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: (O) not later than 180 days after the date of enactment of this subparagraph, and once every 360 days thereafter, submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that— (i) identifies— (I) the planning materials relating to a threat to the financial stability of the United States that are available for collection by, and dissemination to, member agencies