Requires the Financial Stability Oversight Council (FSOC) to make an initial written determination before voting to designate any U.S. nonbank financial company as systemically important. FSOC must consult with the company and the company’s primary financial regulator and find that other steps (including heightened standards, new standards, or a company plan) are impracticable or insufficient to address the risk before it may vote to designate, and it updates a related cross-reference to reflect the new requirement.