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’’. 
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-
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).’’. 
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 Dodd-Frank Wall Street Reform 
and Consumer Protection Act (12 U.S.C. 5343), as 
amended by section 3, is further amended by adding at 
the end the following new subsection: 
‘‘(h) 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, 
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). 
‘‘(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-