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Strengthening Financial Oversight: Ensuring Independent Funding and Staffing

This act aims to bolster the independence and financial stability of key financial oversight bodies. It ensures consistent funding and minimum staffing levels, which should lead to better protection against financial crises and increased security for citizens' savings.
Key points
The Office of Financial Research (OFR) will gain greater independence in managing its budget, which cannot be less than $104,770,000 annually, with yearly adjustments.
The Office of Financial Research (OFR) will maintain a minimum staffing level of 255 full-time equivalent positions, ensuring continuity and quality of work.
The Financial Stability Oversight Council (FSOC) will receive minimum funding of $8,500,000 annually, with yearly adjustments, and a minimum staffing level of 36 full-time equivalent positions, strengthening its ability to monitor financial threats.
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Additional Information
Print number: 117_HR_7742
Sponsor: Rep. Foster, Bill [D-IL-11]
Process start date: 2022-05-12
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Enhancing Financial Stability Research and Oversight Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7742.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-05-12.

What are the main provisions?

Key points include:

  • The Office of Financial Research (OFR) will gain greater independence in managing its budget, which cannot be less than $104,770,000 annually, with yearly adjustments.
  • The Office of Financial Research (OFR) will maintain a minimum staffing level of 255 full-time equivalent positions, ensuring continuity and quality of work.
  • The Financial Stability Oversight Council (FSOC) will receive minimum funding of $8,500,000 annually, with yearly adjustments, and a minimum staffing level of 36 full-time equivalent positions, strengthening its ability to monitor financial threats.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Foster, Bill [D-IL-11].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy