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Title: Financial Stability Oversight Council Reform Act
Vote Smart's Synopsis:
Vote to pass a bill that requires the Office of Financial Research to be subject to the annual congressional appropriations process.
- Requires funds received by the Office of Financial Research (OFR) to be subject to congressional appropriations legislation, effective October 1, 2016 (Sec. 2).
- Requires the OFR to submit a report on the Office’s activities to the following committees within 60 days of the end of each quarter (Sec. 3):
- The Senate and House of Representatives Committee on Appropriations;
- The House Committee on Financial Services; and
- The Senate Committee on Banking, Housing, and Urban Affairs.
- Requires the OFR to provide for a public notice and commenting period 90 days before establishing a proposed report, rule, or regulation (Sec. 4).