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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.

USA115th CongressHR-1459| House 
| Updated: 3/9/2017
Tom Emmer

Tom Emmer

Republican Representative

Minnesota

Cosponsors (7)
Thomas MacArthur (Republican)Robert Pittenger (Republican)Frank D. Lucas (Republican)Steve Stivers (Republican)Barry Loudermilk (Republican)Scott R. Tipton (Republican)Sean P. Duffy (Republican)

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Financial Stability Oversight Council Reform Act This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish 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: finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. 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: publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.
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Timeline
Mar 9, 2017
Introduced in House
Mar 9, 2017
Referred to the House Committee on Financial Services.
  • March 9, 2017
    Introduced in House


  • March 9, 2017
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

AppropriationsBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryExecutive agency funding and structureFinancial crises and stabilizationFinancial Stability Oversight Council

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.

USA115th CongressHR-1459| House 
| Updated: 3/9/2017
Financial Stability Oversight Council Reform Act This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish 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: finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. 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: publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.
View Full Text

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Timeline
Mar 9, 2017
Introduced in House
Mar 9, 2017
Referred to the House Committee on Financial Services.
  • March 9, 2017
    Introduced in House


  • March 9, 2017
    Referred to the House Committee on Financial Services.
Tom Emmer

Tom Emmer

Republican Representative

Minnesota

Cosponsors (7)
Thomas MacArthur (Republican)Robert Pittenger (Republican)Frank D. Lucas (Republican)Steve Stivers (Republican)Barry Loudermilk (Republican)Scott R. Tipton (Republican)Sean P. Duffy (Republican)

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AppropriationsBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryExecutive agency funding and structureFinancial crises and stabilizationFinancial Stability Oversight Council