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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.

OFR gives the council financial analysis and other support. Under current law, the FSOC and OFR are funded by fees collected from financial institutions, deposited into the Financial Research Fund, and immediately available to be spent.

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.

","official_title":"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.","short_title":"Financial Stability Oversight Council Reform Act","popular_title":null,"short_summary":"Financial Stability Oversight Council Reform Act \n\nThis 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.\n\n(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.\n\n(Sec. 3) The OFR must submit quarterly reports to Congress regarding its:\n\n finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. (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.\n...","summarized":true,"cost":0,"cost_commentary":"The CBO estimates that implementing this bill would reduce spending by $1.3 billion over the 2016-2025 period.","impact":"The general public; financial institutions; the Office of Financial Research; the Financial Stability Oversight Council; and Congress.","argument_for":"Congress needs to ensure that federal financial research entities operate in a transparent and publicly accountable manner. 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Get back to work congress and then let's talk...","show_argument_for":false,"show_argument_against":true,"upvote_count":0,"upvotes_for_count":null,"upvotes_against_count":0,"has_upvoted":false,"endorsement_count":0,"links":{"self":"https://www.causes.com/positions/a7dfe8f9-9768-481e-ae11-98727a933b48"},"body":"They Do Not deserve to control anything... Get back to work congress and then let's talk...","stance":"nay","created_at":"2016-04-14T20:45:28.426Z","shareable_image_url":"https://n.causes.com/share-images/positions/a7dfe8f9-9768-481e-ae11-98727a933b48.png","note_color":null,"note_text":null,"bill_id":"hr3340-114","user_id":"0mLo7ELZ","endorser_ids":[]}}

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Should Congress Have More Control Over $$ Spent by Federal Financial Oversight Entities?