U.S. Representative Ed Royce (R-Calif.) will propose an amendment to the Financial Stability Oversight Council Reform Act which adds bipartisan legislation he authored, the Office of Financial Research Accountability Act of 2015, to the underlying bill:
“OFR should be required to withstand scrutiny from financial regulators and the public. These changes are integral to FSOC reform as the Council makes designation decisions,” said Rep. Royce. “A more open, collaborative, and secure OFR is better positioned to achieve its stated mission of promoting financial stability and a transparent, efficient and stable financial system.”
The amendment mirrors legislation authored by Rep. Royce which received a bipartisan 35-22 vote of support from the House Financial Services Committee last year. Both the underlying bill and amendment are expected to receive consideration by the full House of Representatives this week.
Specifically, Rep. Royce’s amendment requires the Office of Financial Research (OFR) to release an annual work plan outlining the Office’s priorities, opens OFR reports to public notice and comment, mandates the OFR to consult federal regulatory agencies when preparing public reports, and tasks the OFR with developing and implementing a cybersecurity plan to be reviewed annually by the …read more
Source:: U.S. Rep. Ed Royce
