; and (2) if the primary regulator does not issue such a final rule within the period described under paragraph (1) or the Council determines that such final rule is insufficient to address the risk, the Council may— (A) terminate such final rule, if applicable; and (B) issue a rule to address the risk. (c) Backup authority of the Council for member agency rulemakings With respect to any rulemaking required of a member agency by Federal statute, if the member agency does not issue the rule within the time frame required by such Federal statute, the Council may issue such rule in place of the member agency. (d) Primary regulator defined With respect to an activity, the term primary regulator means— (1) one or more member agencies that the Council determines are primarily responsible for regulating the activity; or (2) if the Council cannot make a determination under paragraph (1), the member agency that the Council determines is the best choice to serve as the primary regulator with respect to such activity. . (b) Clerical amendment The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act, as amended by section 2, is further amended by inserting after the item relating to section 124 the following: Sec. 125. Council regulation of systemically risky activities. . 5. Minimum staffing and funding levels for the Council and the Office of Financial Research (a) In general The Financial Stability Act of 2010 ( 12 U.S.C. 5311 et seq.) is amended— (1) in section 118— (A) in the section heading, by adding AND STAFFING at the end; (B) by striking Any expenses and inserting the following: (a) Expenses Any expenses ; (C) by inserting after Office of Financial Research. the following: The Office of Financial Research shall transfer a minimum of $18,000,000 to the Council each year (adjusted for inflation) to pay for the costs of the Council in carrying out the duties and responsibilities of the Council.