H.R. 6962 · 118th Congress

Financial Stability Oversight Council Reform Act

Introduced on Jan 11, 2024 by Tom Emmer (R-MN-6). 15 cosponsors, all from the sponsor's party. Latest action (Jan 11, 2024): Referred to the House Committee on Financial Services.

Stage
Introduced
Introduced
Jan 11, 2024
Cosponsors
15
0 from the other party
Policy area
Finance and Financial Sector
Open in the Congress explorerCongress.govAlert me

Progress

The furthest stage the measure reached. Simple and concurrent resolutions do not go to the President.

  1. Introduced
  2. 2Reported by committee
  3. 3Passed one chamber
  4. 4Passed both chambers
  5. 5Sent to the President
  6. 6Became law

Official title

To place the Financial Stability Oversight Council and the Office of Financial Research under the regular appropriations process, to provide for certain quarterly reporting and public notice and comment requirements for the Office of Financial Research, and for other purposes.

Summary

By the Congressional Research Service (Introduced in House, Jan 11, 2024). Public domain.

Financial Stability Oversight Council Reform Act

This bill subjects the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the annual appropriations process and establishes requirements for reports and a public notice and comment period.

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.

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.

The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.

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.

Sponsor and cosponsors

Cosponsors by party as of the day they signed on. Original cosponsors signed on the day of introduction.

Tom EmmerR-MN-6Sponsor

Republicans · 15

Roll calls

Recorded votes on the measure. Most measures move by voice vote or unanimous consent, which record no individual positions.

No recorded roll call on this measure: it moved by voice vote or unanimous consent, or has not reached the floor.

History

Every action as published, oldest first. Roll calls link to how each member voted.

  1. Jan 11, 2024Introduced in House
  2. Jan 11, 2024Introduced in House
  3. Jan 11, 2024 · HouseReferred to the House Committee on Financial Services.

Committees

Committees and subcommittees the measure was referred to.

Agencies in its committees' jurisdiction

Analisa's mapping of committee jurisdiction to federal agencies; the bill may touch others, or none of these.

Who lobbied on it

Organizations whose lobbying reports (LD-2) name this measure. Spending is what they reported for those quarters on all issues, not on this measure alone.

  1. NATIONAL ASSOCIATION OF MUTUAL INSURANCE COMPANIES4 reports
    $1.7M reported (all issues)
  2. Boston Medical Center3 reports
    $180K reported (all issues)Federal contractor: BOSTON MEDICAL CENTER CORPORATION$1.6M in contracts, FY2026AI match · 100%

Reports filed in 2024.

Sources and method

Every figure on this page traces to these records.

  • Bill status: bills and resolutions, sponsors, actions, subjects and CRS summaries (U.S. Government Publishing Office (GovInfo), from Congress.gov (Library of Congress))GovInfo Bill Status bulk data (Congress.gov; summaries by the Congressional Research Service) · data current to Oct 10, 2026 · loaded Oct 10, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Members of Congress, their terms, committees and identifiers (The @unitedstates project (from the Biographical Directory of the U.S. Congress, the House and the Senate))unitedstates/congress-legislators: legislators, committees and current committee membership · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: CC0 1.0 (public domain dedication)
  • House roll-call votes (Office of the Clerk, U.S. House of Representatives)Office of the Clerk, U.S. House of Representatives, roll-call vote records · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Senate roll-call votes and DW-NOMINATE scores (Voteview (UCLA Department of Political Science))Lewis, Jeffrey B., Keith Poole, Howard Rosenthal, Adam Boche, Aaron Rudkin, and Luke Sonnet (2026). Voteview: Congressional Roll-Call Votes Database. https://voteview.com/ · data current to Oct 3, 2026 · loaded Oct 3, 2026 · license: Free to use with the required citation
  • Lobbying disclosures (LD-1 registrations, LD-2 quarterly reports, LD-203 contribution reports) (Clerk of the U.S. House of Representatives)Clerk of the House, Lobbying Disclosure Act filings (organizations only; lobbyists' names are not loaded) · data current to Oct 10, 2026 · loaded Oct 10, 2026 · license: Public domain (U.S. Government work, 17 U.S.C. § 105)
  • Positions are shown only where a roll call recorded them; voice votes and unanimous consent record none.
  • Money and votes are shown side by side; neither explains the other.