I 

116TH CONGRESS 

1ST SESSION H. R. 5300 

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 

DECEMBER 4, 2019 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Enhancing Financial 

5 Stability Research and Oversight Act’’. 


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1 SEC. 2. PRESERVING INDEPENDENT FUNDING. 

2 The Financial Stability Act of 2010 (12 U.S.C. 5311 

3 et seq.) is amended— 

4 (1) in section 152— 

5 (A) by amending subsection (c) to read as 

6 follows: 

7 ‘‘(c) BUDGET.— 

8 ‘‘(1) IN GENERAL.—The Director shall have 

9 sole discretion to establish the annual budget of the 

10 Office. 

11 ‘‘(2) MINIMUM FUNDING LEVEL OF THE BUDG12 ET.—The annual budget of the Office in any given 

13 fiscal year shall not be less than $104,770,000. 

14 ‘‘(3) ADJUSTMENT OF MINIMUM FUNDING

15 LEVEL.—The dollar amount referred to in para16 graph (2) shall be adjusted annually by the Director, 

17 using the percent increase, if any, in the employ18 ment cost index for total compensation for State and 

19 local government workers published by the Federal 

20 Government, or the successor index thereto, for the 

21 12-month period ending September 30 of the year 

22 preceding the annual budget. 

23 ‘‘(4) MINIMUM STAFFING LEVEL.—The Direc24 tor shall ensure that the Office has not less than 

25 255 full-time equivalent positions.’’; and 


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1 (B) in subsection (d), by striking ‘‘, in con2 sultation with the Chairperson,’’ each place 

3 such term appears; 

4 (C) in subsection (h), by striking ‘‘, in con5 sultation with the Chairperson,’’; and 

6 (D) in subsection (i), by striking ‘‘, in con7 sultation with the Chairperson,’’; 

8 (2) in section 155— 

9 (A) in subsection (d), by inserting before 

10 the period the following: ‘‘, as determined in the 

11 sole discretion of the Director’’; and 

12 (B) by adding at the end the following: 

13 ‘‘(e) REVIEWABILITY.—Notwithstanding any other 

14 provision of this subtitle, the funding pursuant to sub15 section (d) shall not be subject to review by the Commit16 tees on Appropriations of the House of Representatives 

17 and the Senate. 

18 ‘‘(f) PRESERVATION OF THE OFFICE OF FINANCIAL

19 RESEARCH’S INDEPENDENCE.—Nothing in this section 

20 shall authorize the Secretary to influence the budget or 

21 the number or compensation of employees of the Office.’’. 

22 SEC. 3. MINIMUM FSOC STAFFING LEVELS. 

23 (a) MINIMUM STAFFING LEVEL.—Section 111 of the 

24 Financial Stability Act of 2010 (12 U.S.C. 5321) is 

25 amended by adding at the end the following: 


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1 ‘‘(k) MINIMUM STAFFING LEVEL.—The Chairperson 

2 of the Council shall ensure that the Council has not less 

3 than 36 full-time equivalent positions, not including any 

4 employees detailed pursuant to subsection (j).’’. 

5 (b) MINIMUM BUDGET LEVELS.—Section 118 of the 

6 Financial Stability Act of 2010 (12 U.S.C. 5328) is 

7 amended to read as follows: 

8 ‘‘SEC. 118. COUNCIL FUNDING. 

9 ‘‘(a) IN GENERAL.—The Office of Financial Re10 search shall transfer to the Council the amount of funds 

11 necessary to pay for the expenses of the Council, and the 

12 Council may immediately use such funds. 

13 ‘‘(b) MINIMUM BUDGET.—The Office of Financial 

14 Research shall transfer not less than $8,500,000 to the 

15 Council each year to pay for the staffing and other ex16 penses of the Council, including for the office of the inde17 pendent member of the Council described under section 

18 111(b)(1)(J). Such dollar amount shall be adjusted annu19 ally by the Chairperson of the Council, using the percent 

20 increase, if any, in the employment cost index for total 

21 compensation for State and local government workers pub22 lished by the Federal Government, or the successor index 

23 thereto, for the 12-month period ending September 30 of 

24 the previous year.’’. 

Æ 


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