I 

113TH CONGRESS 

2D SESSION H. R. 5037 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection 

Act to improve the transparency, accountability, governance, and operations of the Office of Financial Research, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 9, 2014 

Mr. ROYCE (for himself and Mr. MURPHY of Florida) introduced the following 

bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to improve the transparency, accountability, governance, and operations of 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 ‘‘The Office of Financial 

5 Research Accountability Act of 2014’’. 

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1 SEC. 2. 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) is amend5 ed by adding at the end the following new subsection: 

6 ‘‘(g) ADDITIONAL DUTIES.— 

7 ‘‘(1) ANNUAL WORK PLAN.— 

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

9 after a period of 60 days for public notice and 

10 comment, annually publish a detailed work plan 

11 concerning the priorities of the Office for the 

12 upcoming fiscal year. 

13 ‘‘(B) REQUIREMENTS.—The work plan 

14 shall include the following: 

15 ‘‘(i) A unique alphanumeric identifier 

16 and detailed description of any report, 

17 study, working paper, grant, guidance, 

18 data collection, or request for information 

19 that is expected to be in progress during, 

20 or scheduled to begin in, the upcoming fis21 cal year. 

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

23 (i), a target date for any significant ac24 tions related to such item, including the 

25 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 ‘‘(2) PUBLIC REPORTS.— 

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

21 public report with respect to a specified entity, 

22 class of entities, or financial product or service, 

23 the Director shall consult with any Federal de24 partment or agency with expertise in regulating 

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1 the entity, class of entities, or financial product 

2 or service. 

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

4 report described in subparagraph (A) shall in5 clude— 

6 ‘‘(i) an explanation of any changes 

7 made as a result of a consultation under 

8 this subparagraph and, with respect to any 

9 changes suggested in such consultation 

10 that were not made, the reasons that the 

11 Director did not incorporate such changes; 

12 and 

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

14 and nature of such consultation. 

15 ‘‘(C) NOTICE AND COMMENT.—Before 

16 issuing any public report described in subpara17 graph (A), the Director shall provide a period 

18 of 90 days for public notice and comment on 

19 the report. 

20 ‘‘(3) CYBERSECURITY PLAN.— 

21 ‘‘(A) IN GENERAL.—The Office shall de22 velop and implement a cybersecurity plan that 

23 uses appropriate safeguards that are adequate 

24 to protect the integrity and confidentiality of 

25 the data in the possession of the Office. 

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1 ‘‘(B) GAO REVIEW.—The Comptroller 

2 General of the United States shall annually 

3 audit the cybersecurity plan and its implemen4 tation described in subparagraph (A).’’. 

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