About the bill
Should OFR RIP?
Context
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
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)
Position statements
History
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May 15, 2019
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Earlier Version —
Introduced
This activity took place on a related bill, S. 1478 (116th). |
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Mar 2, 2021
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Introduced
Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber. |
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Passed Committee
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Passed Senate
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Passed House
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Signed by the President
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S. 523 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 S. 523. This is the one from the 117th Congress.
How to cite this information.
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“S. 523 — 117th Congress: A bill to repeal the Office of Financial Research, and for other purposes.” www.GovTrack.us. 2021. August 8, 2022 <https://www.govtrack.us/congress/bills/117/s523>
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Where is this information from?
GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.
