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HR 3340 114th Congress House Finance and Financial Sector 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

Financial Stability Oversight Council Reform Act

Introduced: July 29, 2015 Introduced by: Emmer, Tom Republican · Minnesota See on congress.gov
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 Everywhere this bill has been 23 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 18, 2016
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 14, 2016
Motion to reconsider laid on the table Agreed to without objection.
Apr 14, 2016
On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146). (text: CR H1699)
Apr 14, 2016
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146).(text: CR H1699)
Apr 14, 2016
On motion to table the appeal of the ruling of the Chair Agreed to by the Yeas and Nays: 239 - 176 (Roll No. 145).
Apr 14, 2016
Mr. Hensarling moved to table the motion to appeal the ruling of the chair (consideration: CR H1709)
Apr 14, 2016
Ms. Moore appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.
Apr 14, 2016
Mr. Hensarling raised a point of order against the motion to recommit with instructions. Mr. Hensarling stated that the amendment contained provisions not germane to the bill. Sustained by the Chair. (consideration: CR H1708)
Apr 14, 2016
DEBATE - The House proceeded with 10 minutes of debate on the Moore motion to recommit with instructions, pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment providing for consideration of H. Con. Res. 125, establishing the congressional budget for the United States Government for FY 2017.
Apr 14, 2016
Ms. Moore moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H1708; text: CR H1708)
Apr 14, 2016
DEBATE - Pursuant to the provisions of H. Res. 671, the House proceeded with 10 minutes of debate on the Royce Part A amendment No. 1.
Apr 14, 2016
DEBATE - The House proceeded with one hour of debate on H.R. 3340, as amended.
Apr 14, 2016
The resolution provides for consideration of H.R. 3340 and H.R. 3791.
Apr 14, 2016
Considered under the provisions of rule H. Res. 671. (consideration: CR H1699-1710)
Apr 12, 2016
Rules Committee Resolution H. Res. 671 Reported to House. Rule provides for consideration of H.R. 3340 and H.R. 3791. The resolution provides for consideration of H.R. 3340 and H.R. 3791.
Mar 23, 2016
Placed on the Union Calendar, Calendar No. 359.
Mar 23, 2016
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.
Nov 4, 2015
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 24.
Nov 4, 2015
Committee Consideration and Mark-up Session Held.
Nov 3, 2015
Committee Consideration and Mark-up Session Held.
Oct 21, 2015
Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
Jul 29, 2015
Referred to the House Committee on Financial Services.
Jul 29, 2015
Introduced in House
 Votes taken on this bill 2
DateChamberWhat was voted onResultYes–No
Apr 14, 2016 House · vote #146 On Passage Passed 239–179 See who voted →
Apr 14, 2016 House · vote #145 Table Appeal of the Ruling of the Chair Passed 239–176 See who voted →
 Plain-English summary Congressional Research Service

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.

(Sec. 2) 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.

(Sec. 3) 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.

(Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.

(Sec. 5) 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.

What's happening now April 18, 2016

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 3
 Cosponsors 3
All 3 Republican 3