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 appro-
priations process, to provide for certain quarterly report-
ing and public notice and comment requirements for 
the Office of Financial Research, and for other purposes. 
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 ‘‘Financial Stability 
Oversight Council Reform Act’’. 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
SEC. 2. FUNDING. 
(a) IN GENERAL.—Section 155 of the Financial Sta-
bility Act of 2010 (12 U.S.C. 5345) is amended— 
(1) in subsection (b)— 
(A) in paragraph (1), by striking ‘‘be im-
mediately available to the Office’’ and inserting 
‘‘be available to the Office, as provided for in 
appropriation Acts’’; 
(B) by striking paragraph (2); and 
(C) by redesignating paragraph (3) as 
paragraph (2); and 
(2) in subsection (d), by amending the heading 
to read as follows: ‘‘ASSESSMENT SCHEDULE.—’’. 
(b) EFFECTIVE DATE.—The amendments made by 
this section shall take effect on October 1, 2023. 
SEC. 3. QUARTERLY REPORTING. 
Section 153 of the Financial Stability Act of 2010 
(12 U.S.C. 5343) is amended by adding at the end the 
following: 
‘‘(g) QUARTERLY REPORTING.— 
‘‘(1) IN
GENERAL.—Not later than 60 days 
after the end of each quarter, the Office shall submit 
reports on the Office’s activities to the Committees 
on Appropriations of the House of Representatives 
and the Senate, the Committee on Financial Serv-
ices of the House of Representatives, and the Com-
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
mittee on Banking, Housing, and Urban Affairs of 
the Senate. 
‘‘(2) CONTENTS.—The reports required under 
paragraph (1) shall include— 
‘‘(A) the obligations made during the pre-
vious quarter by object class, office, and activ-
ity; 
‘‘(B) the estimated obligations for the re-
mainder of the fiscal year by object class, office, 
and activity; 
‘‘(C) the number of full-time equivalents 
within the Office during the previous quarter; 
‘‘(D) the estimated number of full-time 
equivalents within each office for the remainder 
of the fiscal year; and 
‘‘(E) actions taken to achieve the goals, 
objectives, and performance measures of the Of-
fice. 
‘‘(3) TESTIMONY.—At the request of any com-
mittee specified under paragraph (1), the Office 
shall make officials available to testify on the con-
tents of the reports required under paragraph (1).’’. 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
SEC. 4. PUBLIC NOTICE AND COMMENT PERIOD. 
Section 153(c) of the Financial Stability Act of 2010 
(12 U.S.C. 5343(c)) is amended by adding at the end the 
following: 
‘‘(3) PUBLIC NOTICE AND COMMENT PERIOD.— 
The Office shall provide for a public notice and com-
ment period of not less than 90 days before issuing 
any proposed report, rule, or regulation. 
‘‘(4) ADDITIONAL REPORT REQUIREMENTS.— 
‘‘(A) IN
GENERAL.—Except as provided 
under paragraph (3), the requirements under 
section 553 of title 5, United States Code, shall 
apply to a proposed report of the Office to the 
same extent as such requirements apply to a 
proposed rule of the Office. 
‘‘(B) 
EXCEPTION
FOR
CERTAIN
RE-
PORTS.—This paragraph and paragraph (3) 
shall not apply to a report required under sub-
section (g)(1) or section 154(d)(1).’’. 
SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL 
RESEARCH. 
Section 153 of the Financial Stability Act of 2010 
(12 U.S.C. 5343), as amended by section 3, is further 
amended by adding at the end the following new sub-
section: 
‘‘(h) ADDITIONAL DUTIES.— 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
‘‘(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, 
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 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
‘‘(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). 
‘‘(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.— 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
‘‘(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 
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.— 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS
‘‘(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).’’. 
Æ 
VerDate Sep 11 2014 
18:11 Jan 13, 2024
Jkt 049200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6301
E:\BILLS\H6962.IH
H6962
ssavage on DSKBC07HB2PROD with BILLS