I 

114TH CONGRESS 

1ST SESSION H. R. 3738 

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 

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. 

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’’. 


asabaliauskas on DSK5VPTVN1PROD with BILLS
2 

•HR 3738 IH

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

2 RESEARCH. 

3 Section 153 of the Dodd-Frank Wall Street Reform 

4 and Consumer Protection Act (12 U.S.C. 5343) is amend5 ed by adding at the end the following new subsection: 

6 ‘‘(g) ADDITIONAL DUTIES.— 

7 ‘‘(1) ANNUAL WORK PLAN.— 

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

9 after a period of 60 days for public notice and 

10 comment, annually publish a detailed work plan 

11 concerning the priorities of the Office for the 

12 upcoming fiscal year. 

13 ‘‘(B) REQUIREMENTS.—The work plan 

14 shall include the following: 

15 ‘‘(i) A unique alphanumeric identifier 

16 and detailed description of any report, 

17 study, working paper, grant, guidance, 

18 data collection, or request for information 

19 that is expected to be in progress during, 

20 or scheduled to begin in, the upcoming fis21 cal year. 

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

23 (i), a target date for any significant ac24 tions related to such item, including the 

25 target date— 


asabaliauskas on DSK5VPTVN1PROD with BILLS
3 

•HR 3738 IH

1 ‘‘(I) for the release of a report, 

2 study, or working paper; 

3 ‘‘(II) for, and topics of, a meet4 ing of a working paper group and 

5 each solicitation of applications for 

6 grants; and 

7 ‘‘(III) for the issuance of guid8 ance, data collections, or requests for 

9 information. 

10 ‘‘(iii) A list of all technical and profes11 sional advisory committees that is expected 

12 to be convened in the upcoming fiscal year 

13 pursuant to section 152(h). 

14 ‘‘(iv) The name and professional affili15 ations of each individual who served during 

16 the previous fiscal year as an academic or 

17 professional fellow pursuant to section 

18 152(i). 

19 ‘‘(v) A detailed description of the 

20 progress made by primary financial regu21 latory agencies in adopting a unique alpha22 numeric system to identify legally distinct 

23 entities that engage in financial trans24 actions (commonly known as a ‘Legal En25 tity Identifier’), including a list of regulaVerDate Sep 11 2014 02:30 Oct 15, 2015 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3738.IH H3738

asabaliauskas on DSK5VPTVN1PROD with BILLS
4 

•HR 3738 IH

1 tions requiring the use of such a system 

2 and actions taken to ensure the adoption 

3 of such a system by primary financial reg4 ulatory agencies. 

5 ‘‘(2) PUBLIC REPORTS.— 

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

7 public report with respect to a specified entity, 

8 class of entities, or financial product or service, 

9 the Director shall consult with any Federal de10 partment or agency with expertise in regulating 

11 the entity, class of entities, or financial product 

12 or service. 

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

14 report described in subparagraph (A) shall in15 clude— 

16 ‘‘(i) an explanation of any changes 

17 made as a result of a consultation under 

18 this subparagraph and, with respect to any 

19 changes suggested in such consultation 

20 that were not made, the reasons that the 

21 Director did not incorporate such changes; 

22 and 

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

24 and nature of such consultation. 


asabaliauskas on DSK5VPTVN1PROD with BILLS
5 

•HR 3738 IH

1 ‘‘(C) NOTICE AND COMMENT.—Before 

2 issuing any public report described in subpara3 graph (A), the Director shall provide a period 

4 of 90 days for public notice and comment on 

5 the report. 

6 ‘‘(3) CYBERSECURITY PLAN.— 

7 ‘‘(A) IN GENERAL.—The Office shall de8 velop and implement a cybersecurity plan that 

9 uses appropriate safeguards that are adequate 

10 to protect the integrity and confidentiality of 

11 the data in the possession of the Office. 

12 ‘‘(B) GAO REVIEW.—The Comptroller 

13 General of the United States shall annually 

14 audit the cybersecurity plan and its implemen15 tation described in subparagraph (A).’’. 

Æ 


asabaliauskas on DSK5VPTVN1PROD with BILLS