[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3340 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 3340

 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 29, 2015

    Mr. Emmer of Minnesota introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 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.

    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 ``Financial Stability Oversight 
Council Reform Act''.

SEC. 2. FUNDING.

    (a) In General.--Section 155 of the Financial Stability Act of 2010 
(12 U.S.C. 5345) is amended--
            (1) in subsection (b)--
                    (A) in paragraph (1), by striking ``be immediately 
                available to the Office'' and inserting ``be available 
                to the Office, as provided for in appropriation Acts'';
                    (B) by striking paragraph (2); and
                    (C) by redesignating paragraph (3) as paragraph 
                (2); and
            (2) in subsection (d), by amending the heading to read as 
        follows: ``Assessment Schedule.--''.
    (b) Effective Date.--The amendments made by this section shall take 
effect on October 1, 2016.

SEC. 3. QUARTERLY REPORTING.

    Section 153 of the Financial Stability Act of 2010 (12 U.S.C. 5343) 
is amended by adding at the end the following:
    ``(g) Quarterly Reporting.--
            ``(1) In general.--Not later than 60 days after the end of 
        each quarter, the Office shall submit reports on the Office's 
        activities to the Committees on Appropriations of the House of 
        Representatives and the Senate, the Committee on Financial 
        Services of the House of Representatives, and the Committee on 
        Banking, Housing, and Urban Affairs of the Senate.
            ``(2) Contents.--The reports required under paragraph (1) 
        shall include--
                    ``(A) the obligations made during the previous 
                quarter by object class, office, and activity;
                    ``(B) the estimated obligations for the remainder 
                of the fiscal year by object class, office, and 
                activity;
                    ``(C) the number of full-time equivalents within 
                the Office during the previous quarter;
                    ``(D) the estimated number of full-time equivalents 
                within each office for the remainder of the fiscal 
                year; and
                    ``(E) actions taken to achieve the goals, 
                objectives, and performance measures of the Office.
            ``(3) Testimony.--At the request of any committee specified 
        under paragraph (1), the Office shall make officials available 
        to testify on the contents of the reports required under 
        paragraph (1).''.

SEC. 4. PUBLIC NOTICE AND COMMENT PERIOD.

    Section 153(c) of the Financial Stability Act of 2010 (12 U.S.C. 
5343(c)) is amended by adding at the end the following:
            ``(3) Public notice and comment period.--The Office shall 
        provide for a public notice and comment period of not less than 
        90 days before issuing any proposed report, rule, or 
        regulation.''.
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