Financial Stability Oversight Council Improvement Act of 2024

This bill amends the Financial Stability Oversight Council's (FSOC) processes under the 2010 Financial Stability Act. It requires the Council to first determine that other actions (like new standards or company plans) are impractical before voting on threats posed by nonbank financial companies. The Council must also submit biannual reports to Congress detailing planning materials for financial threats, gaps in crisis planning, and steps taken to address risks, plus release detailed minutes after closed meetings. These changes directly affect the FSOC and its member agencies by adding procedural safeguards and transparency requirements. The bill focuses on improving the Council's operational procedures without altering its core mandate.