Financial Stability Oversight Council Reform Act
Latest action · Mar 9, 2017 Referred to the House Committee on Financial Services.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 9, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 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.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from Sep 6, 2017 to Oct 4, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-GA | Barry Loudermilk | Sep 6, 2017 | |
| R-OK | Frank D. Lucas | Sep 6, 2017 | |
| R-CO | Scott R. Tipton | Sep 6, 2017 | |
| R-OH | Steve Stivers | Sep 6, 2017 | |
| R-NC | Robert Pittenger | Sep 18, 2017 | |
| R-NJ | Thomas MacArthur | Sep 27, 2017 | |
| R-WI | Sean P. Duffy | Oct 4, 2017 |
Actions 2
Everything that happened, newest first.
- Mar 9, 2017Introduced in House
- Mar 9, 2017Referred to the House Committee on Financial Services.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- Mar 9, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.