Financial Stability Oversight Council Reform Act
This bill subjects the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the annual appropriations process and establishes requirements for reports and a public notice and comment period.
The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations acts.
The OFR must submit quarterly reports to Congress regarding its
The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.
The bill expands the duties of the OFR to include
The Government Accountability Office must annually audit the cybersecurity plan and its implementation.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6962 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. R. 6962
To place the Financial Stability Oversight Council and the Office of
Financial Research under the regular appropriations process, to provide
for certain quarterly reporting and public notice and comment
requirements for the Office of Financial Research, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 11, 2024
Mr. Emmer (for himself, Mr. Hill, Mrs. Kim of California, Mr. Posey,
Mr. Sessions, Mr. Luetkemeyer, Mr. Fitzgerald, Mr. Loudermilk, Mr.
Donalds, Mr. Barr, and Mr. Rose) introduced the following bill; which
was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To place the Financial Stability Oversight Council and the Office of
Financial Research under the regular appropriations process, to provide
for certain quarterly reporting and public notice and comment
requirements for 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 ``Financial Stability Oversight
Council Reform Act''.
SEC. 2. FUNDING.
(a) In General.--Section 155 of the Financial Stability Act of 2010
(12 U.S.C. 5345) is amended--
(1) in subsection (b)--
(A) in paragraph (1), by striking ``be immediately
available to the Office'' and inserting ``be available
to the Office, as provided for in appropriation Acts'';
(B) by striking paragraph (2); and
(C) by redesignating paragraph (3) as paragraph
(2); and
(2) in subsection (d), by amending the heading to read as
follows: ``Assessment Schedule.--''.
(b) Effective Date.--The amendments made by this section shall take
effect on October 1, 2023.
SEC. 3. QUARTERLY REPORTING.
Section 153 of the Financial Stability Act of 2010 (12 U.S.C. 5343)
is amended by adding at the end the following:
``(g) Quarterly Reporting.--
``(1) In general.--Not later than 60 days after the end of
each quarter, the Office shall submit reports on the Office's
activities to the Committees on Appropriations of the House of
Representatives and the Senate, the Committee on Financial
Services of the House of Representatives, and the Committee on
Banking, Housing, and Urban Affairs of the Senate.
``(2) Contents.--The reports required under paragraph (1)
shall include--
``(A) the obligations made during the previous
quarter by object class, office, and activity;
``(B) the estimated obligations for the remainder
of the fiscal year by object class, office, and
activity;
``(C) the number of full-time equivalents within
the Office during the previous quarter;
``(D) the estimated number of full-time equivalents
within each office for the remainder of the fiscal
year; and
``(E) actions taken to achieve the goals,
objectives, and performance measures of the Office.
``(3) Testimony.--At the request of any committee specified
under paragraph (1), the Office shall make officials available
to testify on the contents of the reports required under
paragraph (1).''.
SEC. 4. PUBLIC NOTICE AND COMMENT PERIOD.
Section 153(c) of the Financial Stability Act of 2010 (12 U.S.C.
5343(c)) is amended by adding at the end the following:
``(3) Public notice and comment period.--The Office shall
provide for a public notice and comment period of not less than
90 days before issuing any proposed report, rule, or
regulation.
``(4) Additional report requirements.--
``(A) In general.--Except as provided under
paragraph (3), the requirements under section 553 of
title 5, United States Code, shall apply to a proposed
report of the Office to the same extent as such
requirements apply to a proposed rule of the Office.
``(B) Exception for certain reports.--This
paragraph and paragraph (3) shall not apply to a report
required under subsection (g)(1) or section
154(d)(1).''.
SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH.
Section 153 of the Financial Stability Act of 2010 (12 U.S.C.
5343), as amended by section 3, is further amended by adding at the end
the following new subsection:
``(h) 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).
``(v) A detailed description of the
progress made by primary financial regulatory
agencies in adopting a unique alphanumeric
system to identify legally distinct entities
that engage in financial transactions (commonly
known as a `Legal Entity Identifier'),
including a list of regulations requiring the
use of such a system and actions taken to
ensure the adoption of such a system by primary
financial regulatory agencies.
``(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).''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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