# Plain Language Summary: Financial Stability Oversight Council Reform Act

This bill changes how two government agencies that monitor the financial system get their money and report on what they're doing. Specifically, it affects the Financial Stability Oversight Council and the Office of Financial Research—organizations created after the 2008 financial crisis to watch for problems that could threaten the economy.

Right now, these agencies get funding automatically without Congress having to approve it each year. This bill changes that by requiring Congress to approve their budgets through the regular appropriations process, just like most other government agencies. This gives lawmakers more direct control over how much money these organizations spend and what they spend it on. The bill also requires the Office of Financial Research to submit detailed reports to Congress every three months showing how they've spent money, how many employees they have, and what they've accomplished. If Congress asks, officials from the office must come testify about these reports.

The bill adds another layer of public accountability by requiring the Office of Financial Research to give the public at least 90 days to comment before issuing new reports, rules, or regulations. It also requires the office to publish an annual work plan each year—essentially a roadmap showing what projects and studies they plan to work on, when they expect to finish them, and which advisory committees they'll be using. Before releasing any major public report about specific companies or financial products, the office must consult with other relevant government agencies and explain what feedback they received and why they did or didn't use it. Finally, the bill requires the office to develop a strong cybersecurity plan to protect sensitive financial data and have it audited annually.

Financial Stability Oversight Council Reform Act

Emmer, Tom

Financial Stability Oversight Council Reform Act This bill subjects the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the annual appropriations process and establishes 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 <ul> <li>finances;</li> <li>workforce; and</li> <li>actions taken to achieve the goals, objectives, and performance measures of the office. </li> </ul> 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 <ul> <li>publishing an annual work plan; </li> <li> 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 </li> <li> developing and implementing a cybersecurity plan. </li> </ul> The Government Accountability Office must annually audit the cybersecurity plan and its implementation.