PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · 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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Emmer, Tom [R-MN-6] · R–MN
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Jan 3, 2025. Consult Congress.gov for the current record.
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