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Financial Oversight Reform: Increased Transparency and Budgetary Control

This act modifies the funding and operations of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR). Citizens will benefit from greater transparency in these institutions' activities due to new reporting requirements and opportunities for public comment on proposed reports and regulations. The changes aim to enhance accountability and control over public spending in the financial sector.
Key points
OFR's funding will now be subject to the regular Congressional appropriations process, meaning more control over public expenditures.
OFR will be required to submit quarterly reports on its activities and spending, increasing transparency and allowing citizens to track how funds are used.
A mandatory public notice and comment period (minimum 90 days) is introduced before OFR issues any proposed reports, rules, or regulations, giving citizens a voice.
OFR must publish an annual work plan detailing its priorities and planned activities, providing a clearer understanding of the institution's direction.
A cybersecurity plan for OFR's data, subject to annual audit, is required to protect sensitive financial information.
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Expired
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Additional Information
Print number: 118_HR_6962
Sponsor: Rep. Emmer, Tom [R-MN-6]
Process start date: 2024-01-11
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Stability Oversight Council Reform Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_6962.

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 2024-01-11.

What are the main provisions?

Key points include:

  • OFR's funding will now be subject to the regular Congressional appropriations process, meaning more control over public expenditures.
  • OFR will be required to submit quarterly reports on its activities and spending, increasing transparency and allowing citizens to track how funds are used.
  • A mandatory public notice and comment period (minimum 90 days) is introduced before OFR issues any proposed reports, rules, or regulations, giving citizens a voice.
  • OFR must publish an annual work plan detailing its priorities and planned activities, providing a clearer understanding of the institution's direction.
  • A cybersecurity plan for OFR's data, subject to annual audit, is required to protect sensitive financial information.
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. Emmer, Tom [R-MN-6].

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 2025-12-25.

CATEGORIES

Economy