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Bill114th CongressFiled Jul 29, 2015Finance and Financial Sector
H.R. 3340

Financial Stability Oversight Council Reform Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Apr 14, 2016)

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 just happenedApr 18, 2016

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

Who’s behind it

Rep. Emmer, Tom [R-MN-6](R-MN)Sponsor
15 cosponsors15 R
Read on Congress.gov
15cosponsors2committees25actions2amendments1related bills7subjects
  1. Apr 18, 2016IntroReferral

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

    Banking, Housing, and Urban Affairs Committee
  2. Apr 14, 2016FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Apr 14, 2016FloorH37100

    On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146). (text: CR H1699)

  4. Apr 14, 2016Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146).(text: CR H1699)

  5. Apr 14, 2016FloorH36810

    On motion to table the appeal of the ruling of the Chair Agreed to by the Yeas and Nays: 239 - 176 (Roll No. 145).

  6. Apr 14, 2016ResolvingDifferencesH82000

    Mr. Hensarling moved to table the motion to appeal the ruling of the chair (consideration: CR H1709)

  7. Apr 14, 2016FloorH36800

    Ms. Moore appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.

  8. Apr 14, 2016ResolvingDifferencesH81000

    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)

  9. Apr 14, 2016FloorH8D000

    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.

  10. Apr 14, 2016FloorH36100

    Ms. Moore moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H1708; text: CR H1708)

    Financial Services Committee
  11. Apr 14, 2016FloorH8D000

    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.

  12. Apr 14, 2016FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 3340, as amended.

  13. Apr 14, 2016FloorH8D000

    The resolution provides for consideration of H.R. 3340 and H.R. 3791.

  14. Apr 14, 2016FloorH30000

    Considered under the provisions of rule H. Res. 671. (consideration: CR H1699-1710)

  15. Apr 12, 2016FloorH1L210

    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.

  16. Mar 23, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 359.

  17. Mar 23, 2016CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.

    Financial Services Committee
  18. Mar 23, 2016Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.

    Financial Services Committee
  19. Nov 4, 2015Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 24.

    Financial Services Committee
  20. Nov 4, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  21. Nov 3, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  22. Oct 21, 2015Committee

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

    Consumer Protection and Financial Institutions Subcommittee
  23. Jul 29, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  24. Jul 29, 2015IntroReferralIntro-H

    Introduced in House

  25. Jul 29, 2015IntroReferral1000

    Introduced in House

Passed House amendedApr 14, 201636

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.

Reported to House with amendment(s)Mar 23, 201617

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.

Introduced in HouseJul 29, 2015

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 bill also requires the OFR to: (1) submit quarterly reports to Congress regarding its activities; and (2) provide a public notice and comment period of at least 90 days before issuing any report, rule, or regulation.

Financial Stability Oversight Council Reform Act — Informed