Title: Protecting the Independent Funding of the Office of Financial Research Act
Policy area: Finance and Financial Sector

Summary:
Protecting the Independent Funding of the Office of Financial Research Act
This bill gives the Director of the Office of Financial Research (OFR) within the Department of the Treasury sole discretion over the OFR's annual budget, which shall in any given year be not less than the OFR's FY2017 budget.

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3871 Introduced in House (IH)]

<DOC>






116th CONGRESS
  1st Session
                                H. R. 3871

     To amend the Financial Stability Act of 2010 to preserve the 
        independent funding of the Office of Financial Research.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 22, 2019

  Mr. Foster introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
     To amend the Financial Stability Act of 2010 to preserve the 
        independent funding of the Office of Financial Research.

    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 ``Protecting the Independent Funding 
of the Office of Financial Research Act''.

SEC. 2. PRESERVING INDEPENDENT FUNDING.

    The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is 
amended--
            (1) in section 152--
                    (A) by amending subsection (c) to read as follows:
    ``(c) Budget.--
            ``(1) In general.--The Director shall have sole discretion 
        to establish the annual budget of the Office.
            ``(2) Minimum funding level of the budget.--The annual 
        budget of the Office in any given fiscal year shall not be less 
        than a dollar amount equal to the budget of the Office in 
        fiscal year 2017.
            ``(3) Adjustment of minimum funding level.--The dollar 
        amount referred to in paragraph (2) shall be adjusted annually 
        by the Director, using the percent increase, if any, in the 
        employment cost index for total compensation for State and 
        local government workers published by the Federal Government, 
        or the successor index thereto, for the 12-month period ending 
        September 30 of the year preceding the annual budget.'';
                    (B) in subsection (d), by striking ``, in 
                consultation with the Chairperson,'' each place such 
                term appears;
                    (C) in subsection (h), by striking ``, in 
                consultation with the Chairperson,''; and
                    (D) in subsection (i), by striking ``, in 
                consultation with the Chairperson,'';
            (2) in section 155--
                    (A) in subsection (d), by inserting before the 
                period the following: ``, as determined in the sole 
                discretion of the Director''; and
                    (B) by adding at the end the following:
    ``(e) Reviewability.--Notwithstanding any other provision of this 
subtitle, the funding pursuant to subsection (d) shall not be subject 
to review by the Committees on Appropriations of the House of 
Representatives and the Senate.
    ``(f) Preservation of the Office of Financial Research's 
Independence.--Nothing in this section shall authorize the Secretary to 
influence the budget or the number or compensation of employees of the 
Office.''.
                                 <all>