Enhancing Financial Stability Research and Oversight Act

More funding and staff for OFR and FSOC

If enacted, the Director of the Office of Financial Research (OFR) would have sole discretion to set the OFR annual budget. The OFR budget would not be less than $124,627,000 and that minimum would be adjusted each year by the percent increase (if any) in the employment cost index for total compensation for State and local government workers for the 12‑month period ending September 30 of the previous year. The OFR would be required to maintain at least 231 full‑time equivalent positions. The Treasury Secretary would be prohibited from influencing OFR budget, staffing, or pay, and OFR funding decisions would not be subject to review by the House or Senate Appropriations Committees. The OFR would transfer at least $15,287,000 each year to the Financial Stability Oversight Council (FSOC), with that minimum adjusted annually by the same employment cost index, and the FSOC Chairperson would ensure at least 48 full‑time equivalent positions. The FSOC could use its transferred funds immediately. The bill would also remove the phrase "in consultation with the Chairperson" from subsection (d), ending that statutory consultation requirement.