Enhancing Financial Stability Research and Oversight Act

I 116TH CONGRESS 1ST SESSION H. R. 5300 To amend the Financial Stability Act of 2010 to preserve the independent funding in the Office of Financial Research, to establish minimum staff- ing levels for the Financial Stability Oversight Council, to establish minimum funding levels for such staff, and for other purposes. IN THE HOUSE OF REPRESENTATIVES DECEMBER 4, 2019 Mr. FOSTER introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Financial Stability Act of 2010 to preserve the independent funding in the Office of Financial Re- search, to establish minimum staffing levels for the Fi- nancial Stability Oversight Council, to establish minimum funding levels for such staff, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Enhancing Financial 4 Stability Research and Oversight Act’’. 5 VerDate Sep 11 2014 19:56 Dec 11, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5300.IH H5300 lotter on DSKBCFDHB2PROD with BILLS 2 •HR 5300 IH SEC. 2. PRESERVING INDEPENDENT FUNDING. 1 The Financial Stability Act of 2010 (12 U.S.C. 5311 2 et seq.) is amended— 3 (1) in section 152— 4 (A) by amending subsection (c) to read as 5 follows: 6 ‘‘(c) BUDGET.— 7 ‘‘(1) IN GENERAL.—The Director shall have 8 sole discretion to establish the annual budget of the 9 Office. 10 ‘‘(2) MINIMUM FUNDING LEVEL OF THE BUDG- 11 ET.—The annual budget of the Office in any given 12 fiscal year shall not be less than $104,770,000. 13 ‘‘(3) ADJUSTMENT OF MINIMUM FUNDING 14 LEVEL.—The dollar amount referred to in para- 15 graph (2) shall be adjusted annually by the Director, 16 using the percent increase, if any, in the employ- 17 ment cost index for total compensation for State and 18 local government workers published by the Federal 19 Government, or the successor index thereto, for the 20 12-month period ending September 30 of the year 21 preceding the annual budget. 22 ‘‘(4) MINIMUM STAFFING LEVEL.—The Direc- 23 tor shall ensure that the Office has not less than 24 255 full-time equivalent positions.’’; and 25 VerDate Sep 11 2014 19:56 Dec 11, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5300.IH H5300 lotter on DSKBCFDHB2PROD with BILLS 3 •HR 5300 IH (B) in subsection (d), by striking ‘‘, in con- 1 sultation with the Chairperson,’’ each place 2 such term appears; 3 (C) in subsection (h), by striking ‘‘, in con- 4 sultation with the Chairperson,’’; and 5 (D) in subsection (i), by striking ‘‘, in con- 6 sultation with the Chairperson,’’; 7 (2) in section 155— 8 (A) in subsection (d), by inserting before 9 the period the following: ‘‘, as determined in the 10 sole discretion of the Director’’; and 11 (B) by adding at the end the following: 12 ‘‘(e) REVIEWABILITY.—Notwithstanding any other 13 provision of this subtitle, the funding pursuant to sub- 14 section (d) shall not be subject to review by the Commit- 15 tees on Appropriations of the House of Representatives 16 and the Senate. 17 ‘‘(f) PRESERVATION OF THE OFFICE OF FINANCIAL 18 RESEARCH’S INDEPENDENCE.—Nothing in this section 19 shall authorize the Secretary to influence the budget or 20 the number or compensation of employees of the Office.’’. 21 SEC. 3. MINIMUM FSOC STAFFING LEVELS. 22 (a) MINIMUM STAFFING LEVEL.—Section 111 of the 23 Financial Stability Act of 2010 (12 U.S.C. 5321) is 24 amended by adding at the end the following: 25 VerDate Sep 11 2014 19:56 Dec 11, 2019 Jkt 099200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H5300.IH H5300 lotter on DSKBCFDHB2PROD with BILLS 4 •HR 5300 IH ‘‘(k) MINIMUM STAFFING LEVEL.—The Chairperson 1 of the Council shall ensure that the Council has not less 2 than 36 full-time equivalent positions, not including any 3 employees detailed pursuant to subsection (j).’’. 4 (b) MINIMUM BUDGET LEVELS.—Section 118 of the 5 Financial Stability Act of 2010 (12 U.S.C. 5328) is 6 amended to read as follows: 7 ‘‘SEC. 118. COUNCIL FUNDING. 8 ‘‘(a) IN GENERAL.—The Office of Financial Re- 9 search shall transfer to the Council the amount of funds 10 necessary to pay for the expenses of the Council, and the 11 Council may immediately use such funds. 12 ‘‘(b) MINIMUM BUDGET.—The Office of Financial 13 Research shall transfer not less than $8,500,000 to the 14 Council each year to pay for the staffing and other ex- 15 penses of the Council, including for the office of the inde- 16 pendent member of the Council described under section 17 111(b)(1)(J). Such dollar amount shall be adjusted annu- 18 ally by the Chairperson of the Council, using the percent 19 increase, if any, in the employment cost index for total 20 compensation for State and local government workers pub- 21 lished by the Federal Government, or the successor index 22 thereto, for the 12-month period ending September 30 of 23 the previous year.’’. 24 Æ VerDate Sep 11 2014 19:56 Dec 11, 2019 Jkt 099200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H5300.IH H5300 lotter on DSKBCFDHB2PROD with BILLS