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Financial Stability Oversight Council Reform Act

USA117th CongressHR-528| House 
| Updated: 1/28/2021
Tom Emmer

Tom Emmer

Republican Representative

Minnesota

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
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. 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.
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Timeline
Jan 28, 2021
Introduced in House
Jan 28, 2021
Referred to the House Committee on Financial Services.
  • January 28, 2021
    Introduced in House


  • January 28, 2021
    Referred to the House Committee on Financial Services.

Finance and Financial Sector

AppropriationsBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryExecutive agency funding and structureFinancial crises and stabilizationFinancial Stability Oversight Council

Financial Stability Oversight Council Reform Act

USA117th CongressHR-528| House 
| Updated: 1/28/2021
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. 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.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jan 28, 2021
Introduced in House
Jan 28, 2021
Referred to the House Committee on Financial Services.
  • January 28, 2021
    Introduced in House


  • January 28, 2021
    Referred to the House Committee on Financial Services.
Tom Emmer

Tom Emmer

Republican Representative

Minnesota

Financial Services Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AppropriationsBanking and financial institutions regulationCongressional oversightDepartment of the TreasuryExecutive agency funding and structureFinancial crises and stabilizationFinancial Stability Oversight Council