This story appeared in Bank Digest.
Representative Tom Emmer (R-Minn) has reintroduced the Financial Stability Oversight Council Reform Act (H.R. 1459), which is intended to increase oversight, transparency, and accountability by subjecting the FSOC to the congressional appropriations process. Emmer's press release said the bill would give Congress the power to approve the budget for the FSOC and the Office of Financial Research, create quarterly reporting requirements for the OFR, and require the OFR to provide at least a 90-day public notice and comment period before issuing any report, rule, or regulation.
According to Emmer, "A recent review conducted by the Financial Services Committee highlighted the 'arbitrary and inconsistent' nature of the FSOC's actions and reiterated the need for improved oversight and review of our federal regulators."