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   &lt;pre&gt;[Congressional Record Volume 167, Number 17 (Thursday, January 28, 2021)][House][Pages H250-H251]From the Congressional Record Online through the Government Publishing Office [&lt;a href="https://www.gpo.gov"&gt;www.gpo.gov&lt;/a&gt;]By Mr. EMMER:H.R. 528.[[Page H251]]Congress has the power to enact this legislation pursuantto the following:Article I, Section 8&lt;/pre&gt;
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     &lt;p&gt;&lt;b&gt;Financial Stability Oversight Council Reform Act &lt;/b&gt;&lt;/p&gt; &lt;p&gt;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. &lt;/p&gt; &lt;p&gt; 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. &lt;/p&gt; &lt;p&gt; The OFR must submit quarterly reports to Congress regarding its&lt;/p&gt; &lt;ul&gt; &lt;li&gt;finances;&lt;/li&gt; &lt;li&gt;workforce; and&lt;/li&gt; &lt;li&gt;actions taken to achieve the goals, objectives, and performance measures of the office. &lt;/li&gt; &lt;/ul&gt; &lt;p&gt; The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. &lt;/p&gt; &lt;p&gt; The bill expands the duties of the OFR to include&lt;/p&gt; &lt;ul&gt; &lt;li&gt;publishing an annual work plan; &lt;/li&gt; &lt;li&gt; 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 &lt;/li&gt; &lt;li&gt; developing and implementing a cybersecurity plan. &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;The Government Accountability Office must annually audit the cybersecurity plan and its implementation. &lt;/p&gt;
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   Financial Stability Oversight Council Reform Act
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     Financial Stability Oversight Council Reform Act
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     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.
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   This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
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H11100
2021-01-28
Financial Services Committee
hsba00
2
House floor actions
Referred to the House Committee on Financial Services.
IntroReferral
Intro-H
2021-01-28
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-01-28
9
Library of Congress
Introduced in House
IntroReferral
2021-01-28T14:11:05Z
Referred to
House
Financial Services Committee
hsba00
Standing
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-01-28
2021-01-28
Referred to the House Committee on Financial Services.
House
Finance and Financial Sector
E000294
6
Tom
Rep. Emmer, Tom [R-MN-6]
N
Emmer
R
MN
Appropriations Banking and financial institutions regulation Congressional oversight Department of the Treasury Executive agency funding and structure Financial Stability Oversight Council Financial crises and stabilization
2021-01-28
Introduced in House
 <p><b>Financial Stability Oversight Council Reform Act </b></p> <p>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. </p> <p> 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. </p> <p> The OFR must submit quarterly reports to Congress regarding its</p> <ul> <li>finances;</li> <li>workforce; and</li> <li>actions taken to achieve the goals, objectives, and performance measures of the office. </li> </ul> <p> The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. </p> <p> The bill expands the duties of the OFR to include</p> <ul> <li>publishing an annual work plan; </li> <li> 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 </li> <li> developing and implementing a cybersecurity plan. </li> </ul> <p>The Government Accountability Office must annually audit the cybersecurity plan and its implementation. </p>
2021-07-12T14:38:21Z
00
2021-01-28T05:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr528ih/xml/BILLS-117hr528ih.xml
Financial Stability Oversight Council Reform Act
Financial Stability Oversight Council Reform Act
Display Title
IH
Introduced in House
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.
Official Title as Introduced
IH
Introduced in House
Financial Stability Oversight Council Reform Act
Short Title(s) as Introduced
HR
2023-01-11T13:43:27Z
2023-01-11T13:43:27Z
3.0.0
H11100
2021-01-28
Financial Services Committee
hsba00
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House floor actions
Referred to the House Committee on Financial Services.
IntroReferral
Intro-H
2021-01-28
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Library of Congress
Introduced in House
IntroReferral
1000
2021-01-28
9
Library of Congress
Introduced in House
IntroReferral
E000294
6
Tom
Rep. Emmer, Tom [R-MN-6]
N
Emmer
R
MN
Appropriations Banking and financial institutions regulation Congressional oversight Department of the Treasury Executive agency funding and structure Financial Stability Oversight Council Financial crises and stabilization
2021-01-28
Introduced in House
 <p><b>Financial Stability Oversight Council Reform Act </b></p> <p>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. </p> <p> 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. </p> <p> The OFR must submit quarterly reports to Congress regarding its</p> <ul> <li>finances;</li> <li>workforce; and</li> <li>actions taken to achieve the goals, objectives, and performance measures of the office. </li> </ul> <p> The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. </p> <p> The bill expands the duties of the OFR to include</p> <ul> <li>publishing an annual work plan; </li> <li> 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 </li> <li> developing and implementing a cybersecurity plan. </li> </ul> <p>The Government Accountability Office must annually audit the cybersecurity plan and its implementation. </p>
2021-07-12T14:38:21Z
00
Financial Stability Oversight Council Reform Act
Financial Stability Oversight Council Reform Act
Display Title
IH
Introduced in House
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.
Official Title as Introduced
IH
Introduced in House
Financial Stability Oversight Council Reform Act
Short Title(s) as Introduced
2021-01-28
Referred to the House Committee on Financial Services.