; transfer of authority Not later than 90 days after the establishment of a FSIO at an agency, the agency shall modify any offices or programs at the agency that promote financial innovations or assist covered persons in developing financial innovations to operate within the FSIO. Any legal action or proceeding commenced by or against such office or program of the agency, including no-action letters and staff advisory opinions, shall be transferred to the FSIO of that agency. (f) Report Not later than 6 months after the date of the enactment of this Act, and annually thereafter, each agency shall submit a report to Congress and to the Financial Stability Oversight Council, and shall present testimony to Congress, on the activities of the FSIO, including a description of the petitions considered, the rationale for acceptance or rejection of petitions, and the efforts of the FSIO to encourage financial innovations. (g) Sunset If an agency has not received a petition described in section 6 within 5 years of the date of the establishment of the agency’s FSIO, the agency shall eliminate the FSIO, while continuing to honor any enforceable compliance agreement of another agency. 5. FSIO Liaison Committee and chair (a) Establishment Not later than 60 days after the date of the enactment of this Act, the agencies shall establish a committee to be known as the FSIO Liaison Committee . (b) Members The FSIO Liaison Committee shall be composed of the Director of each FSIO office and a State banking supervisor selected by the Conference of State Bank Supervisors (or a successor organization). (c) Duties The FSIO Liaison Committee shall— (1) consult on the administration, coordination, and oversight of each agency’s FSIO; (2) facilitate the cooperation of each FSIO to ensure that agencies share information and data on petitions submitted under section 6; (3) monitor regulatory proposals and developments related to financial innovations; (4) encourage the application of uniform principles and standards at each FSIO