; transfer of authority (1) In general Not later than 90 days after the establishment or designation 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 offering financial innovations, and merge or transfer the operations of such offices or programs into the FSIO. (2) Legal actions or proceedings On the date that is 90 days after the establishment or designation of a FSIO at an agency, any legal action or proceeding commenced by or against any other offices or programs at the agency that promote financial innovations or assist covered persons in offering financial innovations, 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 present testimony to Congress and submit a report to Congress and to the Financial Stability Oversight Council on the activities of the FSIO of such agency, 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) Elimination of FSIO If an agency has not received a petition described in section 6 within 5 years of the date of the establishment of the FSIO of such agency, the agency shall eliminate the FSIO. Such agency shall continue to comply with the requirements of any multiparty agreement entered into pursuant to section 8(c) on or before the date of such elimination. 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 head of each FSIO described under section 4 and a State banking supervisor selected by the Conference of State Bank Supervisors (or a successor organization). (c)