Enhancing Financial Stability Research and Oversight Act

Bill: 117-hr-7742
Sponsor: full_name: Rep. Foster, Bill [D-IL-11]
Introduced: 2022-05-12
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-05-12
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-05-12
action_desc: Introduced in House
text: <p><strong></strong><b>Enhancing Financial Stability Research and Oversight Act</b></p> <p>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. It also establishes minimum funding and staffing levels for the OFR and for the Financial Stability Oversight Council.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 7742 IN THE HOUSE OF REPRESENTATIVES May 12, 2022 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 in the Office of Financial Research, to establish minimum staffing levels for the Financial Stability Oversight Council, to establish minimum funding levels for such staff, and for other purposes.

1. Short title This Act may be cited as the Enhancing Financial Stability Research and Oversight Act . 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 $104,770,000. (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. (4) Minimum staffing level The Director shall ensure that the Office has not less than 255 full-time equivalent positions. ; (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, ; and (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. . 3. Minimum FSOC staffing levels (a) Minimum staffing level Section 111 of the Financial Stability Act of 2010 ( 12 U.S.C. 5321 ) is amended by adding at the end the following: (k) Minimum staffing level The Chairperson of the Council shall ensure that the Council has not less than 36 full-time equivalent positions, not including any employees detailed pursuant to subsection (j). . (b) Minimum budget levels Section 118 of the Financial Stability Act of 2010 ( 12 U.S.C. 5328 ) is amended to read as follows: 118. Council funding (a) In general The Office of Financial Research shall transfer to the Council the amount of funds necessary to pay for the expenses of the Council, and the Council may immediately use such funds. (b) Minimum budget The Office of Financial Research shall transfer not less than $8,500,000 to the Council each year to pay for the staffing and other expenses of the Council, including for the office of the independent member of the Council described under section 111(b)(1)(J). Such dollar amount shall be adjusted annually by the Chairperson of the Council, 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 previous year. .