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Union Calendar No. 359 
114TH CONGRESS 
2D SESSION 
H. R. 3340 
[Report No. 114–473] 
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 
MARCH 23, 2016 
Additional sponsors: Mr. BARR, Mr. ROYCE, Mr. WILLIAMS, Mr. MULVANEY, 
Mr. PITTENGER, Mr. TIPTON, Mr. SESSIONS, Mr. POLIQUIN, Mr. 
MCHENRY, Mr. FINCHER, Mr. MESSER, Mr. ROSS, Mr. GARRETT, Mr. 
LUETKEMEYER, and Mr. POE of Texas 
MARCH 23, 2016 
Reported with an amendment, committed to the Committee of the Whole 
House on the State of the Union, and ordered to be printed 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on July 29, 2015] 
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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. 
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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 ‘‘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 ap-
propriation 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.— 
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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. 
‘‘(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 pro-
posed rule of the Office. 
‘‘(B) EXCEPTION FOR CERTAIN REPORTS.— 
This paragraph and paragraph (3) shall not 
apply to a report required under subsection 
(g)(1) or section 154(d)(1).’’. 
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Union Calendar No. 359 
114TH CONGRESS 
2D SESSION 
H. R. 3340 
[Report No. 114–473] 
A BILL 
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. 
MARCH 23, 2016 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
22:40 Mar 23, 2016
Jkt 059200
PO 00000
Frm 00006
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Sfmt 6651
E:\BILLS\H3340.RH
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