H.Amdt. 973House114th Congress (2015-2017)

Amendment requires the Office of Financial Research (OFR) of the Department of the Treasury to publish an annual work plan, develop and implement a cybersecurity plan, and collaborate with relevant regulatory agencies when preparing public reports, which shall also be subject to public notice and comment.

What it does: Adds SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH at the end of the bill
Submitted April 14, 2016

Description

An amendment numbered 1 printed in Part A of House Report 114-489 to require the Office of Financial Research (OFR) of the Department of the Treasury to publish an annual work plan, develop and implement a cybersecurity plan, and collaborate with relevant regulatory agencies when preparing public reports, which shall also be subject to public notice and comment.

What it changes

1 change to H.R. 3340

Adds a section

We couldn't match these changes to the text of H.R. 3340, so they're shown as written.

  1. Adds SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH at the end of the bill

    Adds a section

    Inserted: SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH.

    Inserted: Section 153 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5343), as amended by section 3, is further amended by adding at the end the following new subsection:

    Inserted: "(h) Additional Duties.--

    Inserted: "(1) Annual work plan.--

    Inserted: "(A) In general.--The Director shall, after a period of 60 days for public notice and comment, annually publish a detailed work plan concerning the priorities of the Office for the upcoming fiscal year.

    Inserted: "(B) Requirements.--The work plan shall include the following:

    Inserted: "(i) A unique alphanumeric identifier and detailed description of any report, study, working paper, grant, guidance, data collection, or request for information that is expected to be in progress during, or scheduled to begin in, the upcoming fiscal year.

    Inserted: "(ii) For each item listed under clause (i), a target date for any significant actions related to such item, including the target date--

    Inserted: "(I) for the release of a report, study, or working paper;

    Inserted: "(II) for, and topics of, a meeting of a working paper group and each solicitation of applications for grants; and

    Inserted: "(III) for the issuance of guidance, data collections, or requests for information.

    Inserted: "(iii) A list of all technical and professional advisory committees that is expected to be convened in the upcoming fiscal year pursuant to section 152(h).

    Show 11 more inserted paragraphs

    Inserted: "(iv) The name and professional affiliations of each individual who served during the previous fiscal year as an academic or professional fellow pursuant to section 152(i).

    Inserted: "(v) A detailed description of the progress made by primary financial regulatory agencies in adopting a unique alphanumeric system to identify legally distinct entities that engage in financial transactions (commonly known as a 'Legal Entity Identifier'), including a list of regulations requiring the use of such a system and actions taken to ensure the adoption of such a system by primary financial regulatory agencies.

    Inserted: "(2) Public reports.--

    Inserted: "(A) Consultation.--In preparing any public report with respect to a specified entity, class of entities, or financial product or service, the Director shall consult with any Federal department or agency with expertise in regulating the entity, class of entities, or financial product or service.

    Inserted: "(B) Report requirements.--A public report described in subparagraph (A) shall include--

    Inserted: "(i) an explanation of any changes made as a result of a consultation under this subparagraph and, with respect to any changes suggested in such consultation that were not made, the reasons that the Director did not incorporate such changes; and

    Inserted: "(ii) information on the date, time, and nature of such consultation.

    Inserted: "(C) Notice and comment.--Before issuing any public report described in subparagraph (A), the Director shall provide a period of 90 days for public notice and comment on the report.

    Inserted: "(3) Cybersecurity plan.--

    Inserted: "(A) In general.--The Office shall develop and implement a cybersecurity plan that uses appropriate safeguards that are adequate to protect the integrity and confidentiality of the data in the possession of the Office.

    Inserted: "(B) GAO review.--The Comptroller General of the United States shall annually audit the cybersecurity plan and its implementation described in subparagraph (A).".

    Original wording

    Add at the end the following:

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As printed

Add at the end the following:

SEC. 5. ADDITIONAL DUTIES OF THE OFFICE OF FINANCIAL RESEARCH.

Section 153 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5343), as amended by section 3, is further amended by adding at the end the following new subsection:

“(h) Additional Duties.--

“(1) Annual work plan.--

“(A) In general.--The Director shall, after a period of 60 days for public notice and comment, annually publish a detailed work plan concerning the priorities of the Office for the upcoming fiscal year.

“(B) Requirements.--The work plan shall include the following:

“(i) A unique alphanumeric identifier and detailed description of any report, study, working paper, grant, guidance, data collection, or request for information that is expected to be in progress during, or scheduled to begin in, the upcoming fiscal year.

“(ii) For each item listed under clause (i), a target date for any significant actions related to such item, including the target date--

“(I) for the release of a report, study, or working paper;

“(II) for, and topics of, a meeting of a working paper group and each solicitation of applications for grants; and

“(III) for the issuance of guidance, data collections, or requests for information.

“(iii) A list of all technical and professional advisory committees that is expected to be convened in the upcoming fiscal year pursuant to section 152(h).

“(iv) The name and professional affiliations of each individual who served during the previous fiscal year as an academic or professional fellow pursuant to section 152(i).

“(v) A detailed description of the progress made by primary financial regulatory agencies in adopting a unique alphanumeric system to identify legally distinct entities that engage in financial transactions (commonly known as a ‘Legal Entity Identifier'), including a list of regulations requiring the use of such a system and actions taken to ensure the adoption of such a system by primary financial regulatory agencies.

“(2) Public reports.--

“(A) Consultation.--In preparing any public report with respect to a specified entity, class of entities, or financial product or service, the Director shall consult with any Federal department or agency with expertise in regulating the entity, class of entities, or financial product or service.

“(B) Report requirements.--A public report described in subparagraph (A) shall include--

“(i) an explanation of any changes made as a result of a consultation under this subparagraph and, with respect to any changes suggested in such consultation that were not made, the reasons that the Director did not incorporate such changes; and

“(ii) information on the date, time, and nature of such consultation.

“(C) Notice and comment.--Before issuing any public report described in subparagraph (A), the Director shall provide a period of 90 days for public notice and comment on the report.

“(3) Cybersecurity plan.--

“(A) In general.--The Office shall develop and implement a cybersecurity plan that uses appropriate safeguards that are adequate to protect the integrity and confidentiality of the data in the possession of the Office.

“(B) GAO review.--The Comptroller General of the United States shall annually audit the cybersecurity plan and its implementation described in subparagraph (A).”.

Legislative Activity

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6 earlier actions
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House amendment offered

April 14, 2016

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Floor

House amendment offered

April 14, 2016

Not Used

Amendment agreed to by House: On agreeing to the Royce amendment (A002) Agreed to by voice vote.

April 14, 2016 • 3:05 PM

Floor

House amendment agreed to: On agreeing to the Royce amendment (A002) Agreed to by voice vote.

April 14, 2016 • 3:05 PM

Not Used

House amendment offered/reported by : Amendment (A002) offered by Mr. Royce.(consideration: CR H1706-1708; text: CR H1706-1707)

April 14, 2016 • 2:54 PM

Floor

Amendment (A002) offered by Mr. Royce. (consideration: CR H1706-1708; text: CR H1706-1707)

April 14, 2016 • 2:54 PM

Floor

The previous question was ordered on the bill and amendment pursuant to the rule. (consideration: CR H1708)

April 14, 2016 • 3:04 PM

Floor

On agreeing to the Royce amendment (A002) Agreed to by voice vote.

April 14, 2016 • 3:05 PM