This bill would make funding received by the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process, and require the latter to comply with transparency provisions.
The FSOC is responsible for:
- identifying internal/external excessive risks to the U.S. financial system
- recommending regulations to rein it in.
This legislation would not change the source of the funding — but would require Congress to authorize that funds from the Financial Research Fund can be spent.
The OFR would be required to submit quarterly reports to Congress regarding its finances, workforce, and what it has done to achieve its goals and performance measures. It would also be required to provide a public notice and 90 day comment period before issuing a proposed report, rule, or regulation.