Enhancing Financial Stability Research and Oversight Act

Enhancing Financial Stability Research and Oversight Act

This bill gives the Director of the Office of Financial Research (OFR) within the Department of the Treasury sole discretion over the OFR's annual budget. It also establishes minimum funding and staffing levels for the OFR and for the Financial Stability Oversight Council.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 7742 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 7742

     To amend the Financial Stability Act of 2010 to preserve the 
 independent funding in the Office of Financial Research, to establish 
minimum staffing levels for the Financial Stability Oversight Council, 
   to establish minimum funding levels for such staff, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2022

  Mr. Foster introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To amend the Financial Stability Act of 2010 to preserve the 
 independent funding in the Office of Financial Research, to establish 
minimum staffing levels for the Financial Stability Oversight Council, 
   to establish minimum funding levels for such staff, 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 ``Enhancing Financial Stability 
Research and Oversight Act''.

SEC. 2. PRESERVING INDEPENDENT FUNDING.

    The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended--
            (1) in section 152--
                    (A) by amending subsection (c) to read as follows:
    ``(c) Budget.--
            ``(1) In general.--The Director shall have sole discretion 
        to establish the annual budget of the Office.
            ``(2) Minimum funding level of the budget.--The annual 
        budget of the Office in any given fiscal year shall not be less 
        than $104,770,000.
            ``(3) Adjustment of minimum funding level.--The dollar 
        amount referred to in paragraph (2) shall be adjusted annually 
        by the Director, using the percent increase, if any, in the 
        employment cost index for total compensation for State and 
        local government workers published by the Federal Government, 
        or the successor index thereto, for the 12-month period ending 
        September 30 of the year preceding the annual budget.
            ``(4) Minimum staffing level.--The Director shall ensure 
        that the Office has not less than 255 full-time equivalent 
        positions.'';
                    (B) in subsection (d), by striking ``, in 
                consultation with the Chairperson,'' each place such 
                term appears;
                    (C) in subsection (h), by striking ``, in 
                consultation with the Chairperson,''; and
                    (D) in subsection (i), by striking ``, in 
                consultation with the Chairperson,''; and
            (2) in section 155--
                    (A) in subsection (d), by inserting before the 
                period the following: ``, as determined in the sole 
                discretion of the Director''; and
                    (B) by adding at the end the following:
    ``(e) Reviewability.--Notwithstanding any other provision of this 
subtitle, the funding pursuant to subsection (d) shall not be subject 
to review by the Committees on Appropriations of the House of 
Representatives and the Senate.
    ``(f) Preservation of the Office of Financial Research's 
Independence.--Nothing in this section shall authorize the Secretary to 
influence the budget or the number or compensation of employees of the 
Office.''.

SEC. 3. MINIMUM FSOC STAFFING LEVELS.

    (a) Minimum Staffing Level.--Section 111 of the Financial Stability 
Act of 2010 (12 U.S.C. 5321) is amended by adding at the end the 
following:
    ``(k) Minimum Staffing Level.--The Chairperson of the Council shall 
ensure that the Council has not less than 36 full-time equivalent 
positions, not including any employees detailed pursuant to subsection 
(j).''.
    (b) Minimum Budget Levels.--Section 118 of the Financial Stability 
Act of 2010 (12 U.S.C. 5328) is amended to read as follows:

``SEC. 118. COUNCIL FUNDING.

    ``(a) In General.--The Office of Financial Research shall transfer 
to the Council the amount of funds necessary to pay for the expenses of 
the Council, and the Council may immediately use such funds.
    ``(b) Minimum Budget.--The Office of Financial Research shall 
transfer not less than $8,500,000 to the Council each year to pay for 
the staffing and other expenses of the Council, including for the 
office of the independent member of the Council described under section 
111(b)(1)(J). Such dollar amount shall be adjusted annually by the 
Chairperson of the Council, using the percent increase, if any, in the 
employment cost index for total compensation for State and local 
government workers published by the Federal Government, or the 
successor index thereto, for the 12-month period ending September 30 of 
the previous year.''.
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