H.R. 3340 — Introduced in House

I 114th CONGRESS 1st Session H. R. 3340 IN THE HOUSE OF REPRESENTATIVES July 29, 2015 Mr. Emmer of Minnesota introduced the following bill; which was referred to the Committee on Financial Services A BILL 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. 1. Short title This Act may be cited as the Financial Stability Oversight Council Reform Act. 2. Funding (a) In general Section 155 of the Financial Stability Act of 2010 (12 U.S.C. 5345) is amended— (1) in subsection (b)— (A) in paragraph (1), by striking be immediately available to the Office and inserting be available to the Office, as provided for in appropriation Acts; (B) by striking paragraph (2); and (C) by redesignating paragraph (3) as paragraph (2); and (2) in subsection (d), by amending the heading to read as follows: Assessment schedule.—. (b) Effective date The amendments made by this section shall take effect on October 1, 2016. 3. Quarterly reporting Section 153 of the Financial Stability Act of 2010 (12 U.S.C. 5343) is amended by adding at the end the following: (g) Quarterly reporting (1) In general Not later than 60 days after the end of each quarter, the Office shall submit reports on the Office’s activities to the Committees on Appropriations of the House of Representatives and the Senate, the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate. (2) Contents The reports required under paragraph (1) shall include— (A) the obligations made during the previous quarter by object class, office, and activity; (B) the estimated obligations for the remainder of the fiscal year by object class, office, and activity; (C) the number of full-time equivalents within the Office during the previous quarter; (D) the estimated number of full-time equivalents within each office for the remainder of the fiscal year; and (E) actions taken to achieve the goals, objectives, and performance measures of the Office. (3) Testimony At the request of any committee specified under paragraph (1), the Office shall make officials available to testify on the contents of the reports required under paragraph (1). . 4. Public notice and comment period Section 153(c) of the Financial Stability Act of 2010 (12 U.S.C. 5343(c)) is amended by adding at the end the following: (3) Public notice and comment period The Office shall provide for a public notice and comment period of not less than 90 days before issuing any proposed report, rule, or regulation. .