H.R. 3340: Financial Stability Oversight Council Reform Act

114th Congress · introduced 2015-07-29 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

Where it came from: introduced 2015-07-29 · official record
Who proposed it: Rep. Emmer, Tom [R-MN-6] · what a sponsor is
What happened next: 2 recorded votes in our records. Latest: House roll call 145 (2016): Table Appeal of the Ruling of the Chair, HR3340 (2016-04-14), Passed. See all
Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Stability Oversight Council Reform Act

Plain summary

Financial Stability Oversight Council Reform Act This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish requirements for reports and a public notice and comment period. (Sec. 2) The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations Acts. (Sec. 3) The OFR must submit quarterly reports to Congress regarding its: finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. (Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. (Sec. 5) The bill expands the duties of the OFR to include: publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Stability Oversight Council Reform Act

Source: Congressional Research Service summary (Passed House amended)

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Emmer, Tom [R-MN-6] · 15 cosponsors

Cost estimate: CBO cost estimate: H.R. 3340, Financial Stability Oversight Council Reform Act (2015-12-01)

Cosponsors on this site

Andy Barr (R-KY), Roger Williams (R-TX), Pete Sessions (R-TX)

Sponsor's campaign money: Rep. Emmer, Tom [R-MN-6] reported raising $10.9 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

Recorded votes

House roll call 145 (2016): Table Appeal of the Ruling of the Chair, HR3340 (2016-04-14): Passed
House roll call 146 (2016): On Passage, HR3340 (2016-04-14): Passed

Words on this page, explained (4)

Appropriation: Money a legislature sets aside by law for a specific purpose. Government agencies may spend public money only as it has been appropriated.
Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Public comment: A chance for anyone to tell a government agency what they think about a proposed rule or plan before it is final. Agencies must consider the comments they receive.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Passed House amended)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114hr3340.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/hr>

Record fed-us-cong114-hr3340 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114