I 

114TH CONGRESS 

1ST SESSION 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. 

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 

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. 

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’’. 


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1 SEC. 2. FUNDING. 

2 (a) IN GENERAL.—Section 155 of the Financial Sta3 bility Act of 2010 (12 U.S.C. 5345) is amended— 

4 (1) in subsection (b)— 

5 (A) in paragraph (1), by striking ‘‘be im6 mediately available to the Office’’ and inserting 

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

8 appropriation Acts’’; 

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

10 (C) by redesignating paragraph (3) as 

11 paragraph (2); and 

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

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

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

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

16 SEC. 3. QUARTERLY REPORTING. 

17 Section 153 of the Financial Stability Act of 2010 

18 (12 U.S.C. 5343) is amended by adding at the end the 

19 following: 

20 ‘‘(g) QUARTERLY REPORTING.— 

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

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

23 reports on the Office’s activities to the Committees 

24 on Appropriations of the House of Representatives 

25 and the Senate, the Committee on Financial Serv26 ices of the House of Representatives, and the ComVerDate Sep 11 2014 03:59 Aug 05, 2015 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3340.IH H3340

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1 mittee on Banking, Housing, and Urban Affairs of 

2 the Senate. 

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

4 paragraph (1) shall include— 

5 ‘‘(A) the obligations made during the pre6 vious quarter by object class, office, and activ7 ity; 

8 ‘‘(B) the estimated obligations for the re9 mainder of the fiscal year by object class, office, 

10 and activity; 

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

12 within the Office during the previous quarter; 

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

14 equivalents within each office for the remainder 

15 of the fiscal year; and 

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

17 objectives, and performance measures of the Of18 fice. 

19 ‘‘(3) TESTIMONY.—At the request of any com20 mittee specified under paragraph (1), the Office 

21 shall make officials available to testify on the con22 tents of the reports required under paragraph (1).’’. 


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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.’’. 

Æ 


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