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Strengthening Financial Watchdogs: Ensuring Stability and Crisis Prevention.

This bill aims to strengthen federal agencies responsible for monitoring and preventing major financial crises, similar to the 2008 crash. It ensures stable, independent funding and minimum staffing levels for the Office of Financial Research (OFR) and the Financial Stability Oversight Council (FSOC). While these changes do not directly impact daily spending, they are crucial for maintaining the security of the entire financial system, thereby protecting citizens' savings and jobs from systemic risk.
Key points
Guarantees financial independence for the Office of Financial Research (OFR) by setting a minimum annual budget (over $124 million) and a minimum staff level (231 full-time positions).
Establishes minimum staffing (48 positions) and funding (over $15 million annually) for the Financial Stability Oversight Council (FSOC) to enhance its ability to monitor threats.
Protects the budgets of these key agencies from political influence and cuts, ensuring continuity in their work to maintain economic stability.
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Additional Information
Print number: 118_HR_9145
Sponsor: Rep. Foster, Bill [D-IL-11]
Process start date: 2024-07-25
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Summarized by: gemini-2.5-flash-preview-09-2025
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 118_HR_9145.

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 2024-07-25.

What are the main provisions?

Key points include:

  • Guarantees financial independence for the Office of Financial Research (OFR) by setting a minimum annual budget (over $124 million) and a minimum staff level (231 full-time positions).
  • Establishes minimum staffing (48 positions) and funding (over $15 million annually) for the Financial Stability Oversight Council (FSOC) to enhance its ability to monitor threats.
  • Protects the budgets of these key agencies from political influence and cuts, ensuring continuity in their work to maintain economic stability.
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 2025-12-26.

CATEGORIES

Economy