,i  #aadth ,,congress  #ast ,session    
,h4 ,r4 #ccdj  ,,in ,,the ,,house ,,of  
,,representatives  ,july #bi1 #bjae ,mr4
 ,emmer of ,minnesota introduced the    
following bill2 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 process1 to  
provide for certain quarterly reporting 
and public notice and comment           
requirements for the ,office of         
,financial ,research1 and for other     
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,financial          
,stability ,oversight ,council ,reform  
,act4  #b4 ,funding  7a7 ,in general    
,section #aee of the ,financial         
,stability ,act of #bjaj 7#ab ,u4,s4,c4 
#ecde7 is amended--  7#a7 in subsection 
7b7-- 7,a7 in paragraph 7#a71 by        
striking be immediately available to the
 ,office and inserting be available to  
the ,office1 as provided for in         

appropriation ,acts2  7,b7 by striking  
paragraph 7#b72 and  7,c7 by            
redesignating paragraph 7#c7 as         
paragraph 7#b72 and  7#b7 in subsection 
7d71 by amending the heading to read as 
follows3 ,assessment schedule4--4  7b7  
,effective date ,the amendments made by 
this section shall take effect on       
,october #a1 #bjaf4  #c4 ,quarterly     
reporting ,section #aec of the          
,financial ,stability ,act of #bjaj 7#ab
 ,u4,s4,c4 #ecdc7 is amended by adding  
at the end the following3  7g7          
,quarterly reporting  7#a7 ,in general  
,not later than #fj days after the end  
of each quarter1 the ,office shall      
submit reports on the ,office's         
activities to the ,committees on        
,appropriations of the ,house of        
,representatives and the ,senate1 the   
,committee on ,financial ,services of   
the ,house of ,representatives1 and the 
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate4  7#b7   
,contents ,the reports required under   

paragraph 7#a7 shall include-- 7,a7 the 
obligations made during the previous    
quarter by object class1 office1 and    
activity2  7,b7 the estimated           
obligations for the remainder of the    
fiscal year by object class1 office1 and
 activity2  7,c7 the number of full-time
 equivalents within the ,office during  
the previous quarter2  7,d7 the         
estimated number of full-time           
equivalents within each office for the  
remainder of the fiscal year2 and  7,e7 
actions taken to achieve the goals1     
objectives1 and performance measures of 
the ,office4  7#c7 ,testimony ,at the   
request of any committee specified under
 paragraph 7#a71 the ,office shall make 
officials available to testify on the   
contents of the reports required under  
paragraph 7#a74  4  #d4 ,public notice  
and comment period ,section #aec7;c7 of 
the ,financial ,stability ,act of #bjaj 
7#ab ,u4,s4,c4 #ecdc7;c77 is amended by 
adding at the end the following3  7#c7  
,public notice and comment period ,the  

,office shall provide for a public      
notice and comment period of not less   
than #ij days before issuing any        
proposed report1 rule1 or regulation4  4