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Union Calendar No. 473 

114TH CONGRESS 

2D SESSION H. R. 3738 

[Report No. 114–608] 

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 

OCTOBER 9, 2015 

Mr. ROYCE (for himself and Mr. MURPHY of Florida) introduced the following 

bill; which was referred to the Committee on Financial Services 

JUNE 8, 2016 

Additional sponsor: Mr. ISSA

JUNE 8, 2016 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


sradovich on DSK3TPTVN1PROD with BILLS
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•HR 3738 RH

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. 


sradovich on DSK3TPTVN1PROD with BILLS
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•HR 3738 RH

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 ‘‘Office of Financial 

5 Research Accountability Act of 2015’’. 

6 SEC. 2. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL 

7 RESEARCH. 

8 Section 153 of the Dodd-Frank Wall Street Reform 

9 and Consumer Protection Act (12 U.S.C. 5343) is amend10 ed by adding at the end the following new subsection: 

11 ‘‘(g) ADDITIONAL DUTIES.— 

12 ‘‘(1) ANNUAL WORK PLAN.— 

13 ‘‘(A) IN GENERAL.—The Director shall, 

14 after a period of 60 days for public notice and 

15 comment, annually publish a detailed work plan 

16 concerning the priorities of the Office for the 

17 upcoming fiscal year. 

18 ‘‘(B) REQUIREMENTS.—The work plan 

19 shall include the following: 

20 ‘‘(i) A unique alphanumeric identifier 

21 and detailed description of any report, 

22 study, working paper, grant, guidance, 

23 data collection, or request for information 

24 that is expected to be in progress during, 


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1 or scheduled to begin in, the upcoming fis2 cal year. 

3 ‘‘(ii) For each item listed under clause 

4 (i), a target date for any significant ac5 tions related to such item, including the 

6 target date— 

7 ‘‘(I) for the release of a report, 

8 study, or working paper; 

9 ‘‘(II) for, and topics of, a meet10 ing of a working paper group and 

11 each solicitation of applications for 

12 grants; and 

13 ‘‘(III) for the issuance of guid14 ance, data collections, or requests for 

15 information. 

16 ‘‘(iii) A list of all technical and profes17 sional advisory committees that is expected 

18 to be convened in the upcoming fiscal year 

19 pursuant to section 152(h). 

20 ‘‘(iv) The name and professional affili21 ations of each individual who served during 

22 the previous fiscal year as an academic or 

23 professional fellow pursuant to section 

24 152(i). 


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1 ‘‘(v) A detailed description of the 

2 progress made by primary financial regu3 latory agencies in adopting a unique alpha4 numeric system to identify legally distinct 

5 entities that engage in financial trans6 actions (commonly known as a ‘Legal En7 tity Identifier’), including a list of regula8 tions requiring the use of such a system 

9 and actions taken to ensure the adoption 

10 of such a system by primary financial reg11 ulatory agencies. 

12 ‘‘(2) PUBLIC REPORTS.— 

13 ‘‘(A) CONSULTATION.—In preparing any 

14 public report with respect to a specified entity, 

15 class of entities, or financial product or service, 

16 the Director shall consult with any Federal de17 partment or agency with expertise in regulating 

18 the entity, class of entities, or financial product 

19 or service. 

20 ‘‘(B) REPORT REQUIREMENTS.—A public 

21 report described in subparagraph (A) shall in22 clude— 

23 ‘‘(i) an explanation of any changes 

24 made as a result of a consultation under 

25 this subparagraph and, with respect to any 


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1 changes suggested in such consultation 

2 that were not made, the reasons that the 

3 Director did not incorporate such changes; 

4 and 

5 ‘‘(ii) information on the date, time, 

6 and nature of such consultation. 

7 ‘‘(C) NOTICE AND COMMENT.—Before 

8 issuing any public report described in subpara9 graph (A), the Director shall provide a period 

10 of 90 days for public notice and comment on 

11 the report. 

12 ‘‘(3) CYBERSECURITY PLAN.— 

13 ‘‘(A) IN GENERAL.—The Office shall de14 velop and implement a cybersecurity plan that 

15 uses appropriate safeguards that are adequate 

16 to protect the integrity and confidentiality of 

17 the data in the possession of the Office. 

18 ‘‘(B) GAO REVIEW.—The Comptroller 

19 General of the United States shall annually 

20 audit the cybersecurity plan and its implemen21 tation described in subparagraph (A).’’. 


sradovich on DSK3TPTVN1PROD with BILLS

sradovich on DSK3TPTVN1PROD with BILLS
Union Calendar No. 473 

114TH CONGRESS 

2D SESSION H. R. 3738 

[Report No. 114–608] 

A BILL 

To amend the Dodd-Frank Wall Street Reform and 

for other purposes. ations of the Office of Financial Research, and parency, accountability, governance, and operConsumer Protection Act to improve the transJUNE 8, 2016 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


sradovich on DSK3TPTVN1PROD with BILLS