Financial Stability Oversight Council Reform Act

Floor Speech

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Mr. HILL. Mr. Speaker, I rise today in support of the amendment offered by my good friend from California.

The Office of Financial Research, the OFR, is an important entity, but its work so far has been very, very disappointing.

It is so disappointing that a landmark study by OFR on asset management has been publicly criticized by a member of FSOC, the SEC, who took the unusual step of opening its own comment period on the report.

We must make sure that OFR's research is done in the right way with a strategic plan and that OFR consults with experts and gives proper public notice and involvement.

We don't want the Financial Stability Oversight Council, the FSOC, one of the most critical and sensitive creations in Dodd-Frank, relying on offhand work criticized publicly by institutions across this city and country.

Further, their data collection requirements and responsibilities bring concern to all of our citizens. As we have seen with the IRS, the OPM, the CFPB, and now the OFR, rising concern over the importance of cybersecurity and data protection are noted in this act and are an important part of Mr. Royce's amendment.

Many of our Federal agencies are the root cause of cyber breach and loss of privacy, and we don't want to see that extended here.

I support the amendment and the bill, and I urge a ``yes'' vote.

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