Financial Stability Oversight Council Reform Act

Bill: 114-hr-3340
Sponsor: Rep. Emmer, Tom [R-MN-6]
Introduced: 2015-07-29 in the House
Policy area: Finance and Financial Sector
Subjects: Appropriations
Banking and financial institutions regulation
Congressional oversight
Department of the Treasury
Executive agency funding and structure
Financial Stability Oversight Council
Financial crises and stabilization

Summary:
action_date: 2015-07-29
text: 

Financial Stability Oversight Council Reform Act 

 
This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish 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 bill also requires the OFR to: (1) submit quarterly reports to Congress regarding its activities; and (2) provide a public notice and comment period of at least 90 days before issuing any report, rule, or regulation. 

action_date: 2016-03-23
text: 

Financial Stability Oversight Council Reform Act 

 
This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish requirements for reports and a public notice and comment period. 
 
(Sec. 2) 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. 
 
(Sec. 3) The OFR must submit quarterly reports to Congress regarding its: 
 
 
finances;
 
workforce; and
 
actions taken to achieve the goals, objectives, and performance measures of the office. 
 
 
(Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. 

action_date: 2016-04-14
text: 

Financial Stability Oversight Council Reform Act 

 
This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish requirements for reports and a public notice and comment period. 
 
(Sec. 2) 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. 
 
(Sec. 3) The OFR must submit quarterly reports to Congress regarding its: 
 
 
finances;
 
workforce; and
 
actions taken to achieve the goals, objectives, and performance measures of the office. 
 
 
(Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. 
 
(Sec. 5) The bill expands the duties of the OFR to include: 
 
 
publishing an annual work plan; 
 
 consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and 
 
 developing and implementing a cybersecurity plan. 
 
 
The Government Accountability Office must annually audit the cybersecurity plan and its implementation. 


Legislative actions:
action_date: 2016-04-18
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2016-04-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2016-04-14
text: On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146). (text: CR H1699)
action_date: 2016-04-14
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146).(text: CR H1699)
action_date: 2016-04-14
text: On motion to table the appeal of the ruling of the Chair Agreed to by the Yeas and Nays: 239 - 176 (Roll No. 145).
action_date: 2016-04-14
text: Mr. Hensarling moved to table the motion to appeal the ruling of the chair (consideration: CR H1709)
action_date: 2016-04-14
text: Ms. Moore appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.
action_date: 2016-04-14
text: Mr. Hensarling raised a point of order against the motion to recommit with instructions. Mr. Hensarling stated that the amendment contained provisions not germane to the bill. Sustained by the Chair. (consideration: CR H1708)
action_date: 2016-04-14
text: DEBATE - The House proceeded with 10 minutes of debate on the Moore motion to recommit with instructions, pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment providing for consideration of H. Con. Res. 125, establishing the congressional budget for the United States Government for FY 2017.
action_date: 2016-04-14
text: Ms. Moore moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H1708; text: CR H1708)
action_date: 2016-04-14
text: DEBATE - Pursuant to the provisions of H. Res. 671, the House proceeded with 10 minutes of debate on the Royce Part A amendment No. 1.
action_date: 2016-04-14
text: DEBATE - The House proceeded with one hour of debate on H.R. 3340, as amended.
action_date: 2016-04-14
text: The resolution provides for consideration of H.R. 3340 and H.R. 3791.
action_date: 2016-04-14
text: Considered under the provisions of rule H. Res. 671. (consideration: CR H1699-1710)
action_date: 2016-04-12
text: Rules Committee Resolution H. Res. 671 Reported to House. Rule provides for consideration of H.R. 3340 and H.R. 3791. The resolution provides for consideration of H.R. 3340 and H.R. 3791.
action_date: 2016-03-23
text: Placed on the Union Calendar, Calendar No. 359.
action_date: 2016-03-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.
action_date: 2016-03-23
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.
action_date: 2015-11-04
text: Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 24.
action_date: 2015-11-04
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-11-03
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-10-21
text: Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
action_date: 2015-07-29
text: Referred to the House Committee on Financial Services.
action_date: 2015-07-29
text: Introduced in House
action_date: 2015-07-29
text: Introduced in House