IB 
Union Calendar No. 473 
114TH CONGRESS 
2D SESSION 
H. R. 3738 
[Report No. 114–608] 
To amend the Dodd-Frank Wall Street Reform and Consumer Protection 
Act to improve the transparency, accountability, governance, and oper-
ations of the Office of Financial Research, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 9, 2015 
Mr. ROYCE (for himself and Mr. MURPHY of Florida) introduced the following 
bill; which was referred to the Committee on Financial Services 
JUNE 8, 2016 
Additional sponsor: Mr. ISSA 
JUNE 8, 2016 
Committed to the Committee of the Whole House on the State of the Union 
and ordered to be printed 
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A BILL 
To amend the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act to improve the transparency, ac-
countability, governance, and operations of the Office 
of Financial Research, and for other purposes. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Office of Financial 
Research Accountability Act of 2015’’. 
SEC. 2. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL 
RESEARCH. 
Section 153 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5343) is amend-
ed by adding at the end the following new subsection: 
‘‘(g) ADDITIONAL DUTIES.— 
‘‘(1) ANNUAL WORK PLAN.— 
‘‘(A) IN
GENERAL.—The Director shall, 
after a period of 60 days for public notice and 
comment, annually publish a detailed work plan 
concerning the priorities of the Office for the 
upcoming fiscal year. 
‘‘(B) REQUIREMENTS.—The work plan 
shall include the following: 
‘‘(i) A unique alphanumeric identifier 
and detailed description of any report, 
study, working paper, grant, guidance, 
data collection, or request for information 
that is expected to be in progress during, 
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or scheduled to begin in, the upcoming fis-
cal year. 
‘‘(ii) For each item listed under clause 
(i), a target date for any significant ac-
tions related to such item, including the 
target date— 
‘‘(I) for the release of a report, 
study, or working paper; 
‘‘(II) for, and topics of, a meet-
ing of a working paper group and 
each solicitation of applications for 
grants; and 
‘‘(III) for the issuance of guid-
ance, data collections, or requests for 
information. 
‘‘(iii) A list of all technical and profes-
sional advisory committees that is expected 
to be convened in the upcoming fiscal year 
pursuant to section 152(h). 
‘‘(iv) The name and professional affili-
ations of each individual who served during 
the previous fiscal year as an academic or 
professional fellow pursuant to section 
152(i). 
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‘‘(v) A detailed description of the 
progress made by primary financial regu-
latory agencies in adopting a unique alpha-
numeric system to identify legally distinct 
entities that engage in financial trans-
actions (commonly known as a ‘Legal En-
tity Identifier’), including a list of regula-
tions requiring the use of such a system 
and actions taken to ensure the adoption 
of such a system by primary financial reg-
ulatory agencies. 
‘‘(2) PUBLIC REPORTS.— 
‘‘(A) CONSULTATION.—In preparing any 
public report with respect to a specified entity, 
class of entities, or financial product or service, 
the Director shall consult with any Federal de-
partment or agency with expertise in regulating 
the entity, class of entities, or financial product 
or service. 
‘‘(B) REPORT REQUIREMENTS.—A public 
report described in subparagraph (A) shall in-
clude— 
‘‘(i) an explanation of any changes 
made as a result of a consultation under 
this subparagraph and, with respect to any 
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changes suggested in such consultation 
that were not made, the reasons that the 
Director did not incorporate such changes; 
and 
‘‘(ii) information on the date, time, 
and nature of such consultation. 
‘‘(C) NOTICE
AND
COMMENT.—Before 
issuing any public report described in subpara-
graph (A), the Director shall provide a period 
of 90 days for public notice and comment on 
the report. 
‘‘(3) CYBERSECURITY PLAN.— 
‘‘(A) IN GENERAL.—The Office shall de-
velop and implement a cybersecurity plan that 
uses appropriate safeguards that are adequate 
to protect the integrity and confidentiality of 
the data in the possession of the Office. 
‘‘(B) GAO 
REVIEW.—The Comptroller 
General of the United States shall annually 
audit the cybersecurity plan and its implemen-
tation described in subparagraph (A).’’. 
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Union Calendar No. 473 
114TH CONGRESS 
2D SESSION 
H. R. 3738 
[Report No. 114–608] 
A BILL 
To amend the Dodd-Frank Wall Street Reform and 
Consumer Protection Act to improve the trans-
parency, accountability, governance, and oper-
ations of the Office of Financial Research, and 
for other purposes. 
JUNE 8, 2016 
Committed to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
VerDate Sep 11 2014 
21:27 Jun 08, 2016
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PO 00000
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