The main purpose of this legislation is to enhance the decision-making process of the Financial Stability Oversight Council (FSOC) regarding the supervision of nonbank financial companies. Specifically, it aims to ensure that the FSOC thoroughly considers alternative regulatory approaches before deciding to place a nonbank financial company under the supervision of the Federal Reserve. Key provisions of the legislation require the FSOC to consult with the nonbank financial company and its primary financial regulatory agency before making a determination about supervision.