The Office of Financial Research Accountability Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Director of the Office of Financial Research to publish annually, after a period of 60 days for public notice and comment, a detailed work plan concerning the Office priorities for the upcoming fiscal year.
Requires the Office to develop and implement a cybersecurity plan using adequate safeguards to protect the integrity and confidentiality of the data in Office possession.
Directs the Comptroller General (GAO) to audit annually the cybersecurity plan and its implementation.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5037 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 5037
To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act
to improve the transparency, accountability, governance, and operations
of the Office of Financial Research, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 9, 2014
Mr. Royce (for himself and Mr. Murphy of Florida) introduced the
following bill; which was referred to the Committee on Financial
Services
_______________________________________________________________________
A BILL
To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act
to improve the transparency, accountability, governance, and operations
of the Office of Financial Research, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``The Office of Financial Research
Accountability Act of 2014''.
SEC. 2. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH.
Section 153 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5343) is amended by adding at the end the
following new subsection:
``(g) Additional Duties.--
``(1) Annual work plan.--
``(A) In general.--The Director shall, after a
period of 60 days for public notice and comment,
annually publish a detailed work plan concerning the
priorities of the Office for the upcoming fiscal year.
``(B) Requirements.--The work plan shall include
the following:
``(i) A unique alphanumeric identifier and
detailed description of any report, study,
working paper, grant, guidance, data
collection, or request for information that is
expected to be in progress during, or scheduled
to begin in, the upcoming fiscal year.
``(ii) For each item listed under clause
(i), a target date for any significant actions
related to such item, including the target
date--
``(I) for the release of a report,
study, or working paper;
``(II) for, and topics of, a
meeting of a working paper group and
each solicitation of applications for
grants; and
``(III) for the issuance of
guidance, data collections, or requests
for information.
``(iii) A list of all technical and
professional advisory committees that is
expected to be convened in the upcoming fiscal
year pursuant to section 152(h).
``(iv) The name and professional
affiliations of each individual who served
during the previous fiscal year as an academic
or professional fellow pursuant to section
152(i).
``(2) Public reports.--
``(A) Consultation.--In preparing any public report
with respect to a specified entity, class of entities,
or financial product or service, the Director shall
consult with any Federal department or agency with
expertise in regulating the entity, class of entities,
or financial product or service.
``(B) Report requirements.--A public report
described in subparagraph (A) shall include--
``(i) an explanation of any changes made as
a result of a consultation under this
subparagraph and, with respect to any changes
suggested in such consultation that were not
made, the reasons that the Director did not
incorporate such changes; and
``(ii) information on the date, time, and
nature of such consultation.
``(C) Notice and comment.--Before issuing any
public report described in subparagraph (A), the
Director shall provide a period of 90 days for public
notice and comment on the report.
``(3) Cybersecurity plan.--
``(A) In general.--The Office shall develop and
implement a cybersecurity plan that uses appropriate
safeguards that are adequate to protect the integrity
and confidentiality of the data in the possession of
the Office.
``(B) GAO review.--The Comptroller General of the
United States shall annually audit the cybersecurity
plan and its implementation described in subparagraph
(A).''.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
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