House Passes Royce OFR Accountability Reforms

Statement

The House of Representatives passed H.R. 3340, the Financial Stability Oversight Council Reform Act, which included an amendment offered by U.S. Representative Ed Royce (R-Calif.) to reform the Office of Financial Research (OFR).

"A more open, collaborative, and cyber-secure Office of Financial Research would be better positioned to achieve its stated mission of promoting financial stability," said Rep. Royce on the floor of the House. "This amendment strengthens the OFR's ability to ensure a transparent, efficient, and stable financial system for the American people, the core objective of the Office."

Specifically, Rep. Royce's amendment requires the 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 U.S. Government Accountability Office.

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