Financial Stability Oversight Council Reform Act
Bill: H.R.528 | Sponsor: Rep. Emmer, Tom (R-MN)
Policy area: Finance and Financial Sector

Summary:
Financial Stability Oversight Council Reform Act
This bill subjects the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the annual appropriations process and establishes requirements for reports and a public notice and comment period.
The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations acts.
The OFR must submit quarterly reports to Congress regarding its
The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.
The bill expands the duties of the OFR to include
The Government Accountability Office must annually audit the cybersecurity plan and its implementation.

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.

    Be it enacted by the Senate and House of Representatives 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 Stability Act of 2010 
(12 U.S.C. 5345) is amended--
            (1) in subsection (b)--
                    (A) in paragraph (1), by striking ``be immediately 
                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, 2021.

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 
        Services of the House of Representatives, and the Committee 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 previous 
                quarter by object class, office, and activity;
                    ``(B) the estimated obligations for the remainder 
                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 Office.
            ``(3) Testimony.--At the request of any committee specified 
        under paragraph (1), the Office shall make officials available 
        to testify on the contents 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 comment 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 reports.--This 
                paragraph and paragraph (3) shall not apply to a report 
                required under subsection (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 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 fiscal year.
                            ``(ii) For each item listed under clause 
                        (i), a target date for any significant actions 
                        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 
                                meeting of a working paper group and 
                                each solicitation of applications for 
                                grants; and
                                    ``(III) for the issuance of 
                                guidance, data collections, or requests 
                                for information.
                            ``(iii) A list of all technical and 
                        professional advisory committees that is 
                        expected to be convened in the upcoming fiscal 
                        year pursuant to section 152(h).
                            ``(iv) The name and professional 
                        affiliations 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 regulatory 
                        agencies in adopting a unique alphanumeric 
                        system to identify legally distinct entities 
                        that engage in financial transactions (commonly 
                        known as a `Legal Entity Identifier'), 
                        including a list of regulations requiring the 
                        use of such a system and actions taken to 
                        ensure the adoption of such a system by primary 
                        financial regulatory 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 department 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 include--
                            ``(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 subparagraph (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 develop 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 implementation described in subparagraph 
                (A).''.
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