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 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’’. 
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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, 2016. 
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-
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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).’’. 
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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.’’. 
Æ 
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