WASHINGTON—The “Financial Stability Oversight Council Reform Act,” (HR 3340), which would enhance congressional oversight over the council, is expected to be put to a vote of the full House today after it was considered by the House Rules Committee Tuesday.
The bill, authored by Rep. Tom Emmer (R-MN), would place FSOC and the Office of Financial Research under the regular congressional appropriations process. It would subject the Office of Financial Research to quarterly reporting, public notice and comment requirements.
The bill was approved in November by the House Financial Services Committee, of which Emmer is a member.
As amended by the committee, HR 3340 would require the Office of Financial Research to report to Congress on its activities no later than 60 days after the end of each quarter. It would also be required to provide a public notice and comment period of at least 90 days before issuing any proposed report, rule or regulation, NAFCU explained.
FSOC was established by the Dodd-Frank Act to identify and monitor excessive risks to the U.S. financial system. The council includes NCUA Board Chairman Debbie Matz, the Treasury secretary, the heads of the federal banking regulators, securities and commodities market regulators, the housing