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Union Calendar No. 359 

114TH CONGRESS 

2D SESSION H. R. 3340 

[Report No. 114–473] 

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. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 29, 2015 

Mr. EMMER of Minnesota introduced the following bill; which was referred to 

the Committee on Financial Services 

MARCH 23, 2016 

Additional sponsors: Mr. BARR, Mr. ROYCE, Mr. WILLIAMS, Mr. MULVANEY, 

Mr. PITTENGER, Mr. TIPTON, Mr. SESSIONS, Mr. POLIQUIN, Mr. 

MCHENRY, Mr. FINCHER, Mr. MESSER, Mr. ROSS, Mr. GARRETT, Mr. 

LUETKEMEYER, and Mr. POE of Texas 

MARCH 23, 2016 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on July 29, 2015] 


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•HR 3340 RH

A BILL 

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. 


sradovich on DSK3TPTVN1PROD with BILLS
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•HR 3340 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 ‘‘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 ap13 propriation 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 this 

20 section shall take effect on October 1, 2016. 

21 SEC. 3. QUARTERLY REPORTING. 

22 Section 153 of the Financial Stability Act of 2010 (12 

23 U.S.C. 5343) is amended by adding at the end the following: 

24 ‘‘(g) QUARTERLY REPORTING.— 


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•HR 3340 RH

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

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

3 on the Office’s activities to the Committees on Appro4 priations of the House of Representatives and the 

5 Senate, the Committee on Financial Services of the 

6 House of Representatives, and the Committee on 

7 Banking, Housing, and Urban Affairs of the Senate. 

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

9 paragraph (1) shall include— 

10 ‘‘(A) the obligations made during the pre11 vious quarter by object class, office, and activity; 

12 ‘‘(B) the estimated obligations for the re13 mainder of the fiscal year by object class, office, 

14 and activity; 

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

16 within the Office during the previous quarter; 

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

18 equivalents within each office for the remainder 

19 of the fiscal year; and 

20 ‘‘(E) actions taken to achieve the goals, ob21 jectives, and performance measures of the Office. 

22 ‘‘(3) TESTIMONY.—At the request of any com23 mittee specified under paragraph (1), the Office shall 

24 make officials available to testify on the contents of 

25 the reports required under paragraph (1).’’. 


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•HR 3340 RH

1 SEC. 4. PUBLIC NOTICE AND COMMENT PERIOD. 

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

3 (12 U.S.C. 5343(c)) is amended by adding at the end the 

4 following: 

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

6 The Office shall provide for a public notice and com7 ment period of not less than 90 days before issuing 

8 any proposed report, rule, or regulation. 

9 ‘‘(4) ADDITIONAL REPORT REQUIREMENTS.— 

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

11 under paragraph (3), the requirements under 

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

13 apply to a proposed report of the Office to the 

14 same extent as such requirements apply to a pro15 posed rule of the Office. 

16 ‘‘(B) EXCEPTION FOR CERTAIN REPORTS.— 

17 This paragraph and paragraph (3) shall not 

18 apply to a report required under subsection 

19 (g)(1) or section 154(d)(1).’’. 


sradovich on DSK3TPTVN1PROD with BILLS
Union Calendar No. 359 

114TH CONGRESS 

2D SESSION H. R. 3340 

[Report No. 114–473] 

A BILL 

To place the Financial Stability Oversight Council 

Research, and for other purposes. comment requirements for the Office of Financial certain quarterly reporting and public notice and regular appropriations process, to provide for and the Office of Financial Research under the 

MARCH 23, 2016 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


sradovich on DSK3TPTVN1PROD with BILLS