3.0.0 6962 2024-08-22T15:10:53Z 2024-08-22T15:10:53Z House H HR 2024-01-11 118 [Congressional Record Volume 170, Number 6 (Thursday, January 11, 2024)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. EMMER:H.R. 6962.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8The single subject of this legislation is:This bill seeks to bring the Financial Stability OversightCouncil and the Office of Financial Research undercongressional appropriations.[Page H107]]]> hsba00 Financial Services Committee House Standing Referred to 2024-01-11T15:04:15Z 2024-01-11 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2024-01-11 Introduced in House IntroReferral Intro-H 9 Library of Congress 2024-01-11 Introduced in House IntroReferral 1000 9 Library of Congress E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 N H001072 Rep. Hill, J. French [R-AR-2] J. Hill R AR French 2 2024-01-11 True K000397 Rep. Kim, Young [R-CA-40] Young Kim R CA 40 2024-01-11 True P000599 Rep. Posey, Bill [R-FL-8] Bill Posey R FL 8 2024-01-11 True S000250 Rep. Sessions, Pete [R-TX-17] PETE SESSIONS R TX 17 2024-01-11 True L000569 Rep. Luetkemeyer, Blaine [R-MO-3] Blaine Luetkemeyer R MO 3 2024-01-11 True F000471 Rep. Fitzgerald, Scott [R-WI-5] Scott Fitzgerald R WI 5 2024-01-11 True L000583 Rep. Loudermilk, Barry [R-GA-11] Barry Loudermilk R GA 11 2024-01-11 True D000032 Rep. Donalds, Byron [R-FL-19] Byron Donalds R FL 19 2024-01-11 True B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2024-01-11 True R000612 Rep. Rose, John W. [R-TN-6] John Rose R TN W. 6 2024-01-11 True W000812 Rep. Wagner, Ann [R-MO-2] Ann Wagner R MO 2 2024-01-16 False W000816 Rep. Williams, Roger [R-TX-25] Roger Williams R TX 25 2024-01-18 False L000599 Rep. Lawler, Michael [R-NY-17] Michael Lawler R NY 17 2024-01-22 False T000480 Rep. Timmons, William R. IV [R-SC-4] William Timmons R SC R. 4 2024-01-29 False H001093 Rep. Houchin, Erin [R-IN-9] Erin Houchin R IN 9 2024-02-05 False Finance and Financial Sector Finance and Financial Sector 2024-01-23T12:45:15Z 00 2024-01-11 Introduced in House 2024-08-20T20:49:31Z 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.

]]> Financial Stability Oversight Council Reform Act Display Title 45 Financial Stability Oversight Council Reform Act 2024-07-24T15:19:25Z Short Title(s) as Introduced 101 Financial Stability Oversight Council Reform Act 2024-05-24T13:34:37Z Introduced in House IH Official Title as Introduced 6 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. 2024-03-18T22:06:25Z Introduced in House IH Introduced in House 2024-01-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr6962ih/xml/BILLS-118hr6962ih.xml 2024-01-11 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.