This bill makes several changes to the Financial Stability Oversight Council (FSOC), including by requiring congressional approval before certain activities, eliminating certain duties, and by capping FSOC assessments. The FSOC monitors threats to U.S. financial stability through cross-agency information sharing, regulatory coordination, and the designation of certain companies and activities as significant. The bill requires congressional approval before subjecting a nonbank financial company to enhanced prudential supervision. Currently, the FSOC makes this determination upon an evaluation and vote that requires two-thirds of the council's approval. The bill also eliminates the emergency exception to this authority that allows the FSOC to waive or modify certain requirements. The bill eliminates several of the FSOC's duties and activities, including its duty to make recommendations to the Federal Reserve Board to establish certain heightened prudential standards for nonbank financial companies and large bank holding companies supervised by the Federal Reserve Board. FSOC assessments are capped at current levels. The bill requires that the FSOC notify Congress before performing several actions, including gathering information from bank holding companies and nonbank financial companies. In addition, the bill adds an independent member to the FSOC that serves for six years and who must be from a different political party than the President. The Government Accountability Office must audit the FSOC annually.