H.R. 6962

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6962 Introduced in House (IH)]

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118th CONGRESS
2d Session
H. R. 6962

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

January 11, 2024

Mr. Emmer (for himself, Mr. Hill, Mrs. Kim of California, Mr. Posey, 
Mr. Sessions, Mr. Luetkemeyer, Mr. Fitzgerald, Mr. Loudermilk, Mr. 
Donalds, Mr. Barr, and Mr. Rose) 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, 2023.

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.
``(4) Additional report requirements.--
``(A) In general.--Except as provided under 
paragraph (3), the requirements under section 553 of 
title 5, United States Code, shall apply to a proposed 
report of the Office to the same extent as such 
requirements apply to a proposed rule of the Office.
``(B) Exception for certain reports.--This 
paragraph and paragraph (3) shall not apply to a report 
required under subsection (g)(1) or section 
154(d)(1).''.

SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH.

Section 153 of the Financial Stability Act of 2010 (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).''.
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