H.R.1459 - Financial Stability Oversight Council Reform Act115th Congress (2017-2018)
|Sponsor:||Rep. Emmer, Tom [R-MN-6] (Introduced 03/09/2017)|
|Committees:||House - Financial Services|
|Latest Action:||House - 03/09/2017 Referred to the House Committee on Financial Services. (All Actions)|
This bill has the status Introduced
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Summary: H.R.1459 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (03/09/2017)
Financial Stability Oversight Council Reform Act
This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish 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:
- 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.