[House Report 114-489]
[From the U.S. Government Publishing Office]


114th Congress    }                                      {      Report
                        HOUSE OF REPRESENTATIVES
 2d Session       }                                      {     114-489

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   PROVIDING FOR CONSIDERATION OF THE BILL (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, AND 
   PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 3791) TO RAISE THE 
   CONSOLIDATED ASSETS THRESHOLD UNDER THE SMALL BANK HOLDING COMPANY 
                POLICY STATEMENT, AND FOR OTHER PURPOSES

                                _______
                                

   April 12, 2016.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

               Mr. Stivers, from the Committee on Rules, 
                        submitted the following

                              R E P O R T

                       [To accompany H. Res. 671]

    The Committee on Rules, having had under consideration 
House Resolution 671, by a nonrecord vote, report the same to 
the House with the recommendation that the resolution be 
adopted.

                SUMMARY OF PROVISIONS OF THE RESOLUTION

    The resolution provides for consideration of H.R. 3340, the 
Financial Stability Oversight Council Reform Act, under a 
structured rule. The resolution provides one hour of debate 
equally divided and controlled by the chair and ranking 
minority member of the Committee on Financial Services. The 
resolution waives all points of order against consideration of 
the bill. The resolution provides that the amendment in the 
nature of a substitute recommended by the Committee on 
Financial Services now printed in the bill shall be considered 
as adopted and the bill, as amended, shall be considered as 
read. The resolution waives all points of order against 
provisions in the bill, as amended. The resolution makes in 
order only the further amendment printed in part A of this 
report, if offered by the Member designated in this report, 
which shall be considered as read, shall be debatable for the 
time specified in this report equally divided and controlled by 
the proponent and an opponent, shall not be subject to 
amendment, and shall not be subject to a demand for division of 
the question. The resolution waives all points of order against 
the amendment printed in part A of this report. The resolution 
provides one motion to recommit with or without instructions.
    Section 2 of the resolution provides for consideration of 
H.R. 3791, to raise the consolidated assets threshold under the 
small bank holding company policy statement, and for other 
purposes, under a structured rule. The resolution provides one 
hour of debate equally divided and controlled by the chair and 
ranking minority member of the Committee on Financial Services. 
The resolution waives all points of order against consideration 
of the bill. The resolution provides that the bill shall be 
considered as read. The resolution waives all points of order 
against provisions in the bill. The resolution makes in order 
only the amendment printed in part B of this report, if offered 
by the Member designated in this report, which shall be 
considered as read, shall be debatable for the time specified 
in this report equally divided and controlled by the proponent 
and an opponent, shall not be subject to amendment, and shall 
not be subject to a demand for division of the question. The 
resolution waives all points of order against the amendment 
printed in part B of this report. The resolution provides one 
motion to recommit with or without instructions.

                         EXPLANATION OF WAIVERS

    The waiver of all points of order against consideration of 
H.R. 3340 includes a waiver of clause 3(e)(1) of rule XIII 
(``Ramseyer''), requiring a committee report accompanying a 
bill amending or repealing statutes to show, by typographical 
device, parts of statute affected.
    Although the resolution waives all points of order against 
provisions in H.R. 3340, as amended, the Committee is not aware 
of any points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendment to H.R. 3340 printed in part A of this report, 
the Committee is not aware of any points of order. The waiver 
is prophylactic in nature.
    The waiver of all points of order against consideration of 
H.R. 3791 includes a waiver of clause 3(e)(1) of rule XIII 
(``Ramseyer''), requiring a committee report accompanying a 
bill amending or repealing statutes to show, by typographical 
device, parts of statute affected.
    Although the resolution waives all points of order against 
provisions in H.R. 3791, the Committee is not aware of any 
points of order. The waiver is prophylactic in nature.
    Although the resolution waives all points of order against 
the amendment to H.R. 3791 printed in part B of this report, 
the Committee is not aware of any points of order. The waiver 
is prophylactic in nature.
    The waivers of clause 3(e)(1) of rule XIII are provided 
because the submissions provided by the Committee on Financial 
Services were insufficient to meet the standards established by 
the rule in its current form. The Committee on Rules continues 
to work with the House Office of Legislative Counsel and 
committees to determine the steps necessary to comply with the 
updated rule.

     SUMMARY OF THE AMENDMENT TO H.R. 3340 IN PART A MADE IN ORDER

    1. Royce (CA): Requires the Office of Financial Research 
(OFR) of the Department of the Treasury to publish an annual 
work plan, develop and implement a cybersecurity plan, and 
collaborate with relevant regulatory agencies when preparing 
public reports, which shall also be subject to public notice 
and comment. (10 minutes)

     SUMMARY OF THE AMENDMENT TO H.R. 3791 IN PART B MADE IN ORDER

    1. Kelly, Robin (IL): Limits the asset threshold increase 
to $5 Billion for bank holding companies and savings and loan 
holding companies which have submitted to the Board of 
Governors of the Federal Reserve System a credible plan to 
expand access to banking accounts and services, consumer and 
small business credit products, and bank branches in rural, 
low-income, minority, and otherwise under-served communities. 
(10 minutes)

          PART A--TEXT OF AMENDMENT TO H.R. 3340 MADE IN ORDER

1. An Amendment To Be Offered by Representative Royce of California or 
                 His Designee, Debatable for 10 Minutes

  Add at the end the following:

SEC. 5. 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), as amended by section 3, is 
further amended by adding at the end the following new 
subsection:
  ``(h) 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).''.
                              ----------                              


          PART B--TEXT OF AMENDMENT TO H.R. 3791 MADE IN ORDER

 1. An Amendment To Be Offered by Representative Kelly of Illinois or 
                 Her Designee, Debatable for 10 Minutes

  Page 3, line 15, strike the period and insert the following: 
``for bank holding companies and savings and loan holding 
companies which have submitted to the Board of Governors of the 
Federal Reserve System a credible plan to expand access to 
banking accounts and services, consumer and small business 
credit products, and bank branches in rural, low-income, 
minority, and otherwise underserved communities, which has been 
made available to the public via the holding company's website 
and submitted to the Committee on Financial Services of the 
House of Representatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate.''.

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