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HR 528 117th 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: January 28, 2021 Introduced by: Emmer, Tom Republican · Minnesota See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jan 28, 2021
Referred to the House Committee on Financial Services.
Jan 28, 2021
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now January 28, 2021

Referred to the House Committee on Financial Services.

 Committees of jurisdiction 1