I 

118TH CONGRESS 

2D SESSION H. R. 6962 

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 

JANUARY 11, 2024 

Mr. EMMER (for himself, Mr. HILL, Mrs. KIM of California, Mr. POSEY, Mr. 

SESSIONS, Mr. LUETKEMEYER, Mr. FITZGERALD, Mr. LOUDERMILK, Mr. 

DONALDS, Mr. BARR, and Mr. ROSE) 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, 2023. 

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 18:11 Jan 13, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H6962.IH H6962

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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. 

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 

15 proposed rule of the Office. 

16 ‘‘(B) EXCEPTION FOR CERTAIN RE17 PORTS.—This paragraph and paragraph (3) 

18 shall not apply to a report required under sub19 section (g)(1) or section 154(d)(1).’’. 

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

21 RESEARCH. 

22 Section 153 of the Financial Stability Act of 2010 

23 (12 U.S.C. 5343), as amended by section 3, is further 

24 amended by adding at the end the following new sub25 section: 

26 ‘‘(h) ADDITIONAL DUTIES.— 


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1 ‘‘(1) ANNUAL WORK PLAN.— 

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

3 after a period of 60 days for public notice and 

4 comment, annually publish a detailed work plan 

5 concerning the priorities of the Office for the 

6 upcoming fiscal year. 

7 ‘‘(B) REQUIREMENTS.—The work plan 

8 shall include the following: 

9 ‘‘(i) A unique alphanumeric identifier 

10 and detailed description of any report, 

11 study, working paper, grant, guidance, 

12 data collection, or request for information 

13 that is expected to be in progress during, 

14 or scheduled to begin in, the upcoming fis15 cal year. 

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

17 (i), a target date for any significant ac18 tions related to such item, including the 

19 target date— 

20 ‘‘(I) for the release of a report, 

21 study, or working paper; 

22 ‘‘(II) for, and topics of, a meet23 ing of a working paper group and 

24 each solicitation of applications for 

25 grants; and 


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1 ‘‘(III) for the issuance of guid2 ance, data collections, or requests for 

3 information. 

4 ‘‘(iii) A list of all technical and profes5 sional advisory committees that is expected 

6 to be convened in the upcoming fiscal year 

7 pursuant to section 152(h). 

8 ‘‘(iv) The name and professional affili9 ations of each individual who served during 

10 the previous fiscal year as an academic or 

11 professional fellow pursuant to section 

12 152(i). 

13 ‘‘(v) A detailed description of the 

14 progress made by primary financial regu15 latory agencies in adopting a unique alpha16 numeric system to identify legally distinct 

17 entities that engage in financial trans18 actions (commonly known as a ‘Legal En19 tity Identifier’), including a list of regula20 tions requiring the use of such a system 

21 and actions taken to ensure the adoption 

22 of such a system by primary financial reg23 ulatory agencies. 

24 ‘‘(2) PUBLIC REPORTS.— 


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

2 public report with respect to a specified entity, 

3 class of entities, or financial product or service, 

4 the Director shall consult with any Federal de5 partment or agency with expertise in regulating 

6 the entity, class of entities, or financial product 

7 or service. 

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

9 report described in subparagraph (A) shall in10 clude— 

11 ‘‘(i) an explanation of any changes 

12 made as a result of a consultation under 

13 this subparagraph and, with respect to any 

14 changes suggested in such consultation 

15 that were not made, the reasons that the 

16 Director did not incorporate such changes; 

17 and 

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

19 and nature of such consultation. 

20 ‘‘(C) NOTICE AND COMMENT.—Before 

21 issuing any public report described in subpara22 graph (A), the Director shall provide a period 

23 of 90 days for public notice and comment on 

24 the report. 

25 ‘‘(3) CYBERSECURITY PLAN.— 


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1 ‘‘(A) IN GENERAL.—The Office shall de2 velop and implement a cybersecurity plan that 

3 uses appropriate safeguards that are adequate 

4 to protect the integrity and confidentiality of 

5 the data in the possession of the Office. 

6 ‘‘(B) GAO REVIEW.—The Comptroller 

7 General of the United States shall annually 

8 audit the cybersecurity plan and its implemen9 tation described in subparagraph (A).’’. 

Æ 


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