IIB 

114TH CONGRESS 

2D SESSION H. R. 3340 

IN THE SENATE OF THE UNITED STATES 

APRIL 18, 2016 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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. 


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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 ‘‘Financial Stability 

5 Oversight Council Reform Act’’. 

6 SEC. 2. FUNDING. 

7 (a) IN GENERAL.—Section 155 of the Financial Sta8 bility Act of 2010 (12 U.S.C. 5345) is amended— 

9 (1) in subsection (b)— 

10 (A) in paragraph (1), by striking ‘‘be im11 mediately available to the Office’’ and inserting 

12 ‘‘be available to the Office, as provided for in 

13 appropriation Acts’’; 

14 (B) by striking paragraph (2); and 

15 (C) by redesignating paragraph (3) as 

16 paragraph (2); and 

17 (2) in subsection (d), by amending the heading 

18 to read as follows: ‘‘ASSESSMENT SCHEDULE.—’’. 

19 (b) EFFECTIVE DATE.—The amendments made by 

20 this section shall take effect on October 1, 2016. 

21 SEC. 3. QUARTERLY REPORTING. 

22 Section 153 of the Financial Stability Act of 2010 

23 (12 U.S.C. 5343) is amended by adding at the end the 

24 following: 

25 ‘‘(g) QUARTERLY REPORTING.— 


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1 ‘‘(1) IN GENERAL.—Not later than 60 days 

2 after the end of each quarter, the Office shall submit 

3 reports on the Office’s activities to the Committees 

4 on Appropriations of the House of Representatives 

5 and the Senate, the Committee on Financial Serv6 ices of the House of Representatives, and the Com7 mittee on Banking, Housing, and Urban Affairs of 

8 the Senate. 

9 ‘‘(2) CONTENTS.—The reports required under 

10 paragraph (1) shall include— 

11 ‘‘(A) the obligations made during the pre12 vious quarter by object class, office, and activ13 ity; 

14 ‘‘(B) the estimated obligations for the re15 mainder of the fiscal year by object class, office, 

16 and activity; 

17 ‘‘(C) the number of full-time equivalents 

18 within the Office during the previous quarter; 

19 ‘‘(D) the estimated number of full-time 

20 equivalents within each office for the remainder 

21 of the fiscal year; and 

22 ‘‘(E) actions taken to achieve the goals, 

23 objectives, and performance measures of the Of24 fice. 


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1 ‘‘(3) TESTIMONY.—At the request of any com2 mittee specified under paragraph (1), the Office 

3 shall make officials available to testify on the con4 tents of the reports required under paragraph (1).’’. 

5 SEC. 4. PUBLIC NOTICE AND COMMENT PERIOD. 

6 Section 153(c) of the Financial Stability Act of 2010 

7 (12 U.S.C. 5343(c)) is amended by adding at the end the 

8 following: 

9 ‘‘(3) PUBLIC NOTICE AND COMMENT PERIOD.— 

10 The Office shall provide for a public notice and com11 ment period of not less than 90 days before issuing 

12 any proposed report, rule, or regulation. 

13 ‘‘(4) ADDITIONAL REPORT REQUIREMENTS.— 

14 ‘‘(A) IN GENERAL.—Except as provided 

15 under paragraph (3), the requirements under 

16 section 553 of title 5, United States Code, shall 

17 apply to a proposed report of the Office to the 

18 same extent as such requirements apply to a 

19 proposed rule of the Office. 

20 ‘‘(B) EXCEPTION FOR CERTAIN RE21 PORTS.—This paragraph and paragraph (3) 

22 shall not apply to a report required under sub23 section (g)(1) or section 154(d)(1).’’. 


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1 SEC. 5. 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), as 

5 amended by section 3, is further amended by adding at 

6 the end the following new subsection: 

7 ‘‘(h) ADDITIONAL DUTIES.— 

8 ‘‘(1) ANNUAL WORK PLAN.— 

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

10 after a period of 60 days for public notice and 

11 comment, annually publish a detailed work plan 

12 concerning the priorities of the Office for the 

13 upcoming fiscal year. 

14 ‘‘(B) REQUIREMENTS.—The work plan 

15 shall include the following: 

16 ‘‘(i) A unique alphanumeric identifier 

17 and detailed description of any report, 

18 study, working paper, grant, guidance, 

19 data collection, or request for information 

20 that is expected to be in progress during, 

21 or scheduled to begin in, the upcoming fis22 cal year. 

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

24 (i), a target date for any significant ac25 tions related to such item, including the 

26 target date— 


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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 23:20 Apr 18, 2016 Jkt 059200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H3340.RFS H3340

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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. 


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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).’’. 

Passed the House of Representatives April 14, 2016. 

Attest: KAREN L. HAAS, 

Clerk. 


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