United States 115th Congress Status: Died 1 R cosponsors

HR 1459 — Financial Stability Oversight Council Reform Act

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

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.

Bill Text

Sections of law this bill changes

2 sections in 1 law

From the bill's own amending language, matched to the official United States Code (current through Public Law 119-124).

Wall street reform and consumer protection · 12 U.S.C. ch. 53 2 sections
  • § 5343 Purpose and duties of the Office Amends

    12 U.S.C. § 5343 — at 5343(c)

    The law today

    (a) Purpose and duties The purpose of the Office is to support the Council in fulfilling the purposes and duties of the Council, as set forth in part A, and to support member agencies, by— (1) collecting data on behalf of the Council, and providing such data to the Council and member agencies; (2) standardizing the types and formats of data reported and collected; (3) performing applied research and essential long-term research; (4) developing tools for risk measurement and monitoring; (5) performing other related services; (6) making the results of the activities of the Office available to financial regulatory agencies; and (7) assisting such member agencies in determining the types and formats of data authorized by this Act to be collected by such member agencies. (b) Administrative authority The Office may— (1) share data and information, including software developed by the Office, with the Council, member agencies, and the Bureau of Economic Analysis, which shared data, information, and software— (A) shall be maintained with at least the same level of security as is used by the Office; and (B) may not be shared with any individual or entity without the permission of the Council; (2) sponsor and conduct research projects; and (3) assist, on a reimbursable basis, with financial analyses undertaken at the request of other Federal agencies that are not member agencies. (c) Rulemaking authority (1) Scope The Office, in consultation with the Chairperson, shall issue rules, regulations, and orders only to the extent necessary to carry out the purposes and duties described in paragraphs (1), (2), and (7) of subsection (a). (2) Standardization Member agencies, in consultation with the Office, shall implement regulations promulgated by the Office under paragraph (1) to standardize the types and formats of data reported and collected on behalf of the Council, as described in subsection (a)(2). If a member agency fails to implement such regulations prior to the expiration of the 3-year period following the date of publication of final regulations, the Office, in consultation with the Chairperson, may implement such regulations with respect to the financial entities under the jurisdiction of the member agency. This paragraph shall not supersede or interfere with the independent authority of a member agency under other law to collect data, in such format and manner as the member agency requires. (d) Testimony (1) In general The Director of the Office shall report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives annually on the activities of the Office, including the work of the Data Center and the Research and Analysis Center, and the assessment of the Office of significant financial market developments and potential emerging threats to the financial stability of the United States. (2) No prior review No officer or agency of the United States shall have any authority to require the Director to submit the testimony required under paragraph (1) or other congressional testimony to any officer or agency of the United States for approval, comment, or review prior to the submission of such testimony. Any such testimony to Congress shall include a statement that the views expressed therein are those of the Director and do not necessarily represent the views of the President. (e) Additional reports The Director may provide additional reports to Congress concerning the financial stability of the United States. The Director shall notify the Council of any such additional reports provided to Congress. (f) Subpoena (1) In general The Director may require from a financial company, by subpoena, the production of the data requested under subsection (a)(1) and section 5344(b)(1) of this title, but only upon a written finding by the Director that— (A) such data is required to carry out the functions described under this part; and (B) the Of...

    8 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

  • § 5345 Funding Amends

    12 U.S.C. § 5345

    The law today

    (a) Financial Research Fund (1) Fund established There is established in the Treasury of the United States a separate fund to be known as the “Financial Research Fund”. (2) Fund receipts All amounts provided to the Office under subsection (c),1 and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund. (3) Investments authorized (A) Amounts in fund may be invested The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office. (B) Eligible investments Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Financial Research Fund, as determined by the Director. (4) Interest and proceeds credited The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund. (b) Use of funds (1) In general Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office. (2) Fees, assessments, and other funds not Government funds Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys. (3) Amounts not subject to apportionment Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other authority, or for any other purpose. (c) Interim funding During the 2-year period following July 21, 2010, the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office. (d) Permanent self-funding Beginning 2 years after July 21, 2010, the Secretary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $$250,000,000,000 2 or greater and nonbank financial companies supervised by the Board of Governors, that takes into account differences among such companies, based on the considerations for establishing the prudential standards under section 5325 of this title, to collect assessments equal to the total expenses of the Office.

    5 other bills also change this section · Follow it → Official text at uscode.house.gov ↗

Also cites: 5 U.S.C. § 553

How this bill changes current law

9 changes Share ↗

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill places the Financial Stability Oversight Council and the Office of Financial Research under the regular appropriations process and introduces new reporting and public comment requirements.

  • 12 U.S.C. 5345

    be immediately available to the Office → be available to the Office, as provided for in appropriation Acts

    This change ties the availability of funds to the regular appropriations process.

  • 12 U.S.C. 5345

    paragraph (2)

    This removes the clause that states funds are not considered government funds.

  • 12 U.S.C. 5343

    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.

    This requires the Office to submit quarterly reports on its activities.

  • 12 U.S.C. 5343

    The reports required under paragraph (1) shall include the obligations made during the previous quarter by object class, office, and activity; the estimated obligations for the remainder of the fiscal year by object class, office, and activity; the number of full-time equivalents within the Office during the previous quarter; the estimated number of full-time equivalents within each office for the remainder of the fiscal year; and actions taken to achieve the goals, objectives, and performance measures of the Office.

    This stipulates the content required in the quarterly reports.

  • 12 U.S.C. 5343(c)

    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.

    This ensures public input before any significant reports or rules are issued by the Office.

  • 12 U.S.C. 5343

    Except as provided under paragraph (3), the requirements under section 553 of title 5, United States Code, shall apply to a proposed report of the Office to the same extent as such requirements apply to a proposed rule of the Office.

    This applies standard rulemaking procedures to reports issued by the Office.

  • 12 U.S.C. 5343

    The Director shall, after a period of 60 days for public notice and comment, annually publish a detailed work plan concerning the priorities of the Office for the upcoming fiscal year.

    This mandates an annual work plan publication by the Director to outline Office priorities.

  • 12 U.S.C. 5343

    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 Office.

    This requires the Office to have a cybersecurity plan to protect its data.

  • 12 U.S.C. 5343

    The Comptroller General of the United States shall annually audit the cybersecurity plan and its implementation described in subparagraph (A).

    This adds an annual audit of the cybersecurity plan by the GAO.

Action History

  1. Introduced in House

  2. Introduced in House

  3. Referred to the House Committee on Financial Services.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 1459 do?
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.
Who sponsors HR 1459?
HR 1459 is sponsored by Emmer, Tom (Republican).
What is the current status of HR 1459?
This bill died with 115th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 1459?
Track HR 1459 free on One Click Politics — get push/email alerts when it moves.

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