59–008 

114TH CONGRESS REPORT " ! HOUSE OF REPRESENTATIVES 2d Session 114–489 

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3340) 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, AND PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3791) TO RAISE THE CONSOLIDATED ASSETS 

THRESHOLD UNDER THE SMALL BANK HOLDING COMPANY POLICY 

STATEMENT, AND FOR OTHER PURPOSES 

APRIL 12, 2016.—Referred to the House Calendar and ordered to be printed 

Mr. STIVERS, from the Committee on Rules, 

submitted the following 

R E P O R T 

[To accompany H. Res. 671] 

The Committee on Rules, having had under consideration House 

Resolution 671, by a nonrecord vote, report the same to the House 

with the recommendation that the resolution be adopted. 

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 3340, the Financial Stability Oversight Council Reform Act, under a structured 

rule. The resolution provides one hour of debate equally divided 

and controlled by the chair and ranking minority member of the 

Committee on Financial Services. The resolution waives all points 

of order against consideration of the bill. The resolution provides 

that the amendment in the nature of a substitute recommended by 

the Committee on Financial Services now printed in the bill shall 

be considered as adopted and the bill, as amended, shall be considered as read. The resolution waives all points of order against provisions in the bill, as amended. The resolution makes in order only 

the further amendment printed in part A of this report, if offered 

by the Member designated in this report, which shall be considered 

as read, shall be debatable for the time specified in this report 

equally divided and controlled by the proponent and an opponent, 

shall not be subject to amendment, and shall not be subject to a 

demand for division of the question. The resolution waives all 

points of order against the amendment printed in part A of this report. The resolution provides one motion to recommit with or without instructions. 


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Section 2 of the resolution provides for consideration of H.R. 

3791, to raise the consolidated assets threshold under the small 

bank holding company policy statement, and for other purposes, 

under a structured rule. The resolution provides one hour of debate 

equally divided and controlled by the chair and ranking minority 

member of the Committee on Financial Services. The resolution 

waives all points of order against consideration of the bill. The resolution provides that the bill shall be considered as read. The resolution waives all points of order against provisions in the bill. The 

resolution makes in order only the amendment printed in part B 

of this report, if offered by the Member designated in this report, 

which shall be considered as read, shall be debatable for the time 

specified in this report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and 

shall not be subject to a demand for division of the question. The 

resolution waives all points of order against the amendment printed in part B of this report. The resolution provides one motion to 

recommit with or without instructions. 

EXPLANATION OF WAIVERS

The waiver of all points of order against consideration of H.R. 

3340 includes a waiver of clause 3(e)(1) of rule XIII (‘‘Ramseyer’’), 

requiring a committee report accompanying a bill amending or repealing statutes to show, by typographical device, parts of statute 

affected. 

Although the resolution waives all points of order against provisions in H.R. 3340, as amended, the Committee is not aware of any 

points of order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against the 

amendment to H.R. 3340 printed in part A of this report, the Committee is not aware of any points of order. The waiver is prophylactic in nature. 

The waiver of all points of order against consideration of H.R. 

3791 includes a waiver of clause 3(e)(1) of rule XIII (‘‘Ramseyer’’), 

requiring a committee report accompanying a bill amending or repealing statutes to show, by typographical device, parts of statute 

affected. 

Although the resolution waives all points of order against provisions in H.R. 3791, the Committee is not aware of any points of 

order. The waiver is prophylactic in nature. 

Although the resolution waives all points of order against the 

amendment to H.R. 3791 printed in part B of this report, the Committee is not aware of any points of order. The waiver is prophylactic in nature. 

The waivers of clause 3(e)(1) of rule XIII are provided because 

the submissions provided by the Committee on Financial Services 

were insufficient to meet the standards established by the rule in 

its current form. The Committee on Rules continues to work with 

the House Office of Legislative Counsel and committees to determine the steps necessary to comply with the updated rule. 

SUMMARY OF THE AMENDMENT TO H.R. 3340 IN PART A MADE IN

ORDER

1. Royce (CA): Requires the Office of Financial Research (OFR) 

of the Department of the Treasury to publish an annual work plan, 


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develop and implement a cybersecurity plan, and collaborate with 

relevant regulatory agencies when preparing public reports, which 

shall also be subject to public notice and comment. (10 minutes) 

SUMMARY OF THE AMENDMENT TO H.R. 3791 IN PART B MADE IN

ORDER

1. Kelly, Robin (IL): Limits the asset threshold increase to $5 Billion for bank holding companies and savings and loan holding companies which have submitted to the Board of Governors of the Federal Reserve System a credible plan to expand access to banking 

accounts and services, consumer and small business credit products, and bank branches in rural, low-income, minority, and otherwise under-served communities. (10 minutes) 

PART A—TEXT OF AMENDMENT TO H.R. 3340 MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE ROYCE OF

CALIFORNIA OR HIS DESIGNEE, DEBATABLE FOR 10 MINUTES

Add at the end the following: 

SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH. 

Section 153 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (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). 


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‘‘(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).’’. 

PART B—TEXT OF AMENDMENT TO H.R. 3791 MADE IN ORDER

1. AN AMENDMENT TO BE OFFERED BY REPRESENTATIVE KELLY OF

ILLINOIS OR HER DESIGNEE, DEBATABLE FOR 10 MINUTES

Page 3, line 15, strike the period and insert the following: ‘‘for 

bank holding companies and savings and loan holding companies 

which have submitted to the Board of Governors of the Federal Reserve System a credible plan to expand access to banking accounts 

and services, consumer and small business credit products, and 

bank branches in rural, low-income, minority, and otherwise underserved communities, which has been made available to the public 

via the holding company’s website and submitted to the Committee 

on Financial Services of the House of Representatives and the 

Committee on Banking, Housing, and Urban Affairs of the Senate.’’. 

Æ 


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