,i #aagth ,,congress #ast ,session ,h4 ,r4 #ebh ,,in ,,the ,,house ,,of ,,representatives ,january #bh1 #bjba,mr4 ,emmer 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 #bjba4 #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 7#d7 ,additional report requirements 7,a7 ,in general ,except as provided under paragraph 7#c71 the requirements under section #eec of title #e1 ,united ,states ,code1 shall apply to a proposed report of the ,office to the same extent as such requirements apply to a proposed rule of the ,office4 7,b7 ,exception for certain reports ,this paragraph and paragraph 7#c7 shall not apply to a report required under subsection 7g77#a7 or section #aed7;d77#a74 4 #e4 ,additional duties of the ,office of ,financial ,research ,section #aec of the ,financial ,stability ,act of #bjaj 7#ab ,u4,s4,c4 #ecdc71 as amended by section #c1 is further amended by adding at the end the following new subsection3 7h7 ,additional duties 7#a7 ,annual work plan 7,a7 ,in general ,the ,director shall1 after a period of #fj days for public notice and comment1 annually publish a detailed work plan concerning the priorities of the ,office for the upcoming fiscal year4 7,b7 ,requirements ,the work plan shall include the following3 7i7 ,a unique alphanumeric identifier and detailed description of any report1 study1 working paper1 grant1 guidance1 data collection1 or request for information that is expected to be in progress during1 or scheduled to begin in1 the upcoming fiscal year4 7ii7 ,for each item listed under clause 7i71 a target date for any significant actions related to such item1 including the target date-- 7,i7 for the release of a report1 study1 or working paper2 7,,ii7 for1 and topics of1 a meeting of a working paper group and each solicitation of applications for grants2 and 7,,iii7 for the issuance of guidance1 data collections1 or requests for information4 7iii7 ,a list of all technical and professional advisory committees that is expected to be convened in the upcoming fiscal year pursuant to section #aeb7;h74 7iv7 ,the name and professional affiliations of each individual who served during the previous fiscal year as an academic or professional fellow pursuant to section #aeb7;i74 7v7 ,a detailed description of the progress made by primary financial regulatory agencies in adopting a unique alphanumeric system to identify legally distinct entities that engage in financial transactions 7commonly known as a ,legal ,entity ,identifier71 including a list of regulations requiring the use of such a system and actions taken to ensure the adoption of such a system by primary financial regulatory agencies4 7#b7 ,public reports 7,a7 ,consultation ,in preparing any public report with respect to a specified entity1 class of entities1 or financial product or service1 the ,director shall consult with any ,federal department or agency with expertise in regulating the entity1 class of entities1 or financial product or service4 7,b7 ,report requirements ,a public report described in subparagraph 7,a7 shall include-- 7i7 an explanation of any changes made as a result of a consultation under this subparagraph and1 with respect to any changes suggested in such consultation that were not made1 the reasons that the ,director did not incorporate such changes2 and 7ii7 information on the date1 time1 and nature of such consultation4 7,c7 ,notice and comment ,before issuing any public report described in subparagraph 7,a71 the ,director shall provide a period of #ij days for public notice and comment on the report4 7#c7 ,cybersecurity plan 7,a7 ,in general ,the ,office shall develop and implement a cybersecurity plan that uses appropriate safeguards that are adequate to protect the integrity and confidentiality of the data in the possession of the ,office4 7,b7 ,,gao review ,the ,comptroller ,general of the ,united ,states shall annually audit the cybersecurity plan and its implementation described in subparagraph 7,a74 4