H.R. 528 · 117th Congress
Financial Stability Oversight Council Reform Act
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EmmerSponsorNo cosponsors.
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.
What it does: CRS summary · Introduced in House · Jan 28, 2021
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
- finances;
- workforce; and
- actions taken to achieve the goals, objectives, and performance measures of the office.
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
- 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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Financial Stability Oversight Council Reform Act
Latest action (Jan 28, 2021): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jan 28, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.