Minimum FSOC staffing levels

(a) Minimum staffing level Section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321) is amended by adding at the end the following: (k) Minimum staffing level The Chairperson of the Council shall ensure that the Council has not less than 48 full-time equivalent positions, not including any employees detailed pursuant to subsection (j).. (b) Minimum budget levels Section 118 of the Financial Stability Act of 2010 (12 U.S.C. 5328) is amended to read as follows: 118. Council funding (a) In general The Office of Financial Research shall transfer to the Council the amount of funds necessary to pay for the expenses of the Council, and the Council may immediately use such funds. (b) Minimum budget The Office of Financial Research shall transfer not less than $15,287,000 to the Council each year to pay for the staffing and other expenses of the Council, including for the office of the independent member of the Council described under section 111(b)(1)(J). Such dollar amount shall be adjusted annually by the Chairperson of the Council, using the percent increase (if any) in the employment cost index for total compensation for State and local government workers published by the Federal Government, or the successor index thereto, for the 12-month period ending September 30 of the previous year..