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H.R. 1486: To repeal the Office of Financial Research, and for other purposes.

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About the bill

Should OFR RIP?


After the 2008–09 financial crash, Congress enacted the Dodd–Frank Wall Street Reform and Consumer Protection Act almost entirely on a party-line vote. Democrats largely supported the measure as necessary regulation, while Republicans largely opposed it as burdensome red tape on businesses.

The law established the Office of Financial Research (OFR), which produces data and statistical reports related to the financial system. They also produce an annual report to Congress with a bird’s eye view of financial markets and potential economic threats, available to the public here. The office is funded through fees levied on financial companies, which most recently totalled .000001671587 of eligible companies’ $15.7 trillion total assessable assets.

The office does not possess any actual rulemaking or regulation-making authorities itself.

What the legislation …

Sponsor and status

Ted Budd

Sponsor. Representative for North Carolina's 13th congressional district. Republican.

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Last Updated: Mar 2, 2021
Length: 4 pages
Mar 2, 2021
117th Congress (2021–2023)

Introduced on Mar 2, 2021

This bill is in the first stage of the legislative process. It was introduced into Congress on March 2, 2021. It will typically be considered by committee next before it is possibly sent on to the House or Senate as a whole.

Other activity may have occurred on another bill with identical or similar provisions.


2 Cosponsors (2 Republicans)

3% chance of being enacted according to Skopos Labs (details)


Mar 2, 2021

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

If this bill has further action, the following steps may occur next:
Passed Committee

Passed House

Passed Senate

Signed by the President

H.R. 1486 is a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number H.R. 1486. This is the one from the 117th Congress.

How to cite this information.

We recommend the following MLA-formatted citation when using the information you see here in academic work:

“H.R. 1486 — 117th Congress: To repeal the Office of Financial Research, and for other purposes.” 2021. December 7, 2022 <>

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GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from, the official portal of the United States Congress. is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.