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.
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:
(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:
The Government Accountability Office must annually audit the cybersecurity plan and its implementation.
Motion to reconsider laid on the table Agreed to without objection.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 24.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-473.
Placed on the Union Calendar, Calendar No. 359.
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.
Considered under the provisions of rule H. Res. 671. (consideration: CR H1699-1710)
The resolution provides for consideration of H.R. 3340 and H.R. 3791.
DEBATE - The House proceeded with one hour of debate on H.R. 3340, as amended.
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.
Ms. Moore moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H1708; text: CR H1708)
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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.
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)
Ms. Moore appealed the ruling of the chair. The question was then put on sustaining the ruling of the chair.
Mr. Hensarling moved to table the motion to appeal the ruling of the chair (consideration: CR H1709)
On motion to table the appeal of the ruling of the Chair Agreed to by the Yeas and Nays: 239 - 176 (Roll No. 145).
Roll Call #145 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146).(text: CR H1699)
Roll Call #146 (House)On passage Passed by the Yeas and Nays: 239 - 179 (Roll no. 146). (text: CR H1699)
Roll Call #146 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.