[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3738 Introduced in House (IH)]

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114th CONGRESS
  1st Session
                                H. R. 3738

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act 
to improve the transparency, accountability, governance, and operations 
      of the Office of Financial Research, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 9, 2015

   Mr. Royce (for himself and Mr. Murphy of Florida) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act 
to improve the transparency, accountability, governance, and operations 
      of 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 ``Office of Financial Research 
Accountability Act of 2015''.

SEC. 2. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH.

    Section 153 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5343) is amended by adding at the end the 
following new subsection:
    ``(g) Additional Duties.--
            ``(1) Annual work plan.--
                    ``(A) In general.--The Director shall, after a 
                period of 60 days for public notice and comment, 
                annually publish a detailed work plan concerning the 
                priorities of the Office for the upcoming fiscal year.
                    ``(B) Requirements.--The work plan shall include 
                the following:
                            ``(i) A unique alphanumeric identifier and 
                        detailed description of any report, study, 
                        working paper, grant, guidance, data 
                        collection, or request for information that is 
                        expected to be in progress during, or scheduled 
                        to begin in, the upcoming fiscal year.
                            ``(ii) For each item listed under clause 
                        (i), a target date for any significant actions 
                        related to such item, including the target 
                        date--
                                    ``(I) for the release of a report, 
                                study, or working paper;
                                    ``(II) for, and topics of, a 
                                meeting of a working paper group and 
                                each solicitation of applications for 
                                grants; and
                                    ``(III) for the issuance of 
                                guidance, data collections, or requests 
                                for information.
                            ``(iii) A list of all technical and 
                        professional advisory committees that is 
                        expected to be convened in the upcoming fiscal 
                        year pursuant to section 152(h).
                            ``(iv) The name and professional 
                        affiliations of each individual who served 
                        during the previous fiscal year as an academic 
                        or professional fellow pursuant to section 
                        152(i).
                            ``(v) A detailed description of the 
                        progress made by primary financial regulatory 
                        agencies in adopting a unique alphanumeric 
                        system to identify legally distinct entities 
                        that engage in financial transactions (commonly 
                        known as a `Legal Entity Identifier'), 
                        including a list of regulations requiring the 
                        use of such a system and actions taken to 
                        ensure the adoption of such a system by primary 
                        financial regulatory agencies.
            ``(2) Public reports.--
                    ``(A) Consultation.--In preparing any public report 
                with respect to a specified entity, class of entities, 
                or financial product or service, the Director shall 
                consult with any Federal department or agency with 
                expertise in regulating the entity, class of entities, 
                or financial product or service.
                    ``(B) Report requirements.--A public report 
                described in subparagraph (A) shall include--
                            ``(i) an explanation of any changes made as 
                        a result of a consultation under this 
                        subparagraph and, with respect to any changes 
                        suggested in such consultation that were not 
                        made, the reasons that the Director did not 
                        incorporate such changes; and
                            ``(ii) information on the date, time, and 
                        nature of such consultation.
                    ``(C) Notice and comment.--Before issuing any 
                public report described in subparagraph (A), the 
                Director shall provide a period of 90 days for public 
                notice and comment on the report.
            ``(3) Cybersecurity plan.--
                    ``(A) In general.--The Office shall develop and 
                implement a cybersecurity plan that uses appropriate 
                safeguards that are adequate to protect the integrity 
                and confidentiality of the data in the possession of 
                the Office.
                    ``(B) GAO review.--The Comptroller General of the 
                United States shall annually audit the cybersecurity 
                plan and its implementation described in subparagraph 
                (A).''.
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